Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its production results for the third quarter and the first nine months of 2025.
In the third quarter of this year, the company’s total commercial production moved up by 3.3 percent compared to the previous quarter to 1.51 million mt and down by 28.0 percent compared to the second quarter. In particular, the company’s output of pellets totaled 638,963, decreasing by 22.3 percent quarter on quarter.
In the first nine months, Ferrexpo’s total commercial production totaled 5.06 million mt, up by 0.9 percent, while its pellet output was 2.8 million mt, down by 38.5 percent, both year on year.
According to the producer’s report, due to the ongoing suspension of VAT refunds and the resulting reduction in financial liquidity, Ferrexpo has been forced to downscale operations from two pelletizing lines to just one.
Lucio Genovese, interim executive chair, said, “The third quarter of 2025 was the first quarter that we experienced the full impact of the Ukrainian tax authorities’ decisions to suspend the refunds of VAT to our Ukrainian subsidiaries. Despite the continued curtailment in pelletizing capacity to just one line, we achieved total production of 1.5 million mt for the quarter. Strong demand from Chinese customers for our high-grade low-alumina concentrates allowed us to increase production by 36 percent quarter on quarter, and almost fourfold for the year to date compared to the same period last year.”