2023-04-07T11:51:00+03:00 Politics 2024-09-15T05:39:00+03:00

Ukrainian news

Ferrexpo reduces pellet production 3 times in Q1

Ferrexpo reduces pellet production 3 times in Q1

In the first quarter of 2023, the Ferrexpo plc company (Great Britain), which controls the Poltava and Yeristovo Mining and processing plants (both in the Poltava Region), reduced the production of pellets three times year over year to 0.901 million tons.

This follows from a statement by the company, the Ukrainian News agency reports.

In the first quarter, all pellets were produced from ore with an iron content of 65%.

The company also produced 53,000 tons of concentrate (with 67% iron content).

The decline in the group's output compared to last year is due to operational and logistical constraints that have arisen since the start of a full-scale Russian invasion in February 2022.

Compared to the fourth quarter of 2022, the production of pellets increased by 2.1 times.

As the Ukrainian News agency earlier reported, in 2022, Ferrexpo reduced the production of pellets by 46% year over year to 6.1 million tons.

In 2022, the company reduced its profit four times to USD 220 million, reducing its revenue twice to USD 1.25 billion.

The majority shareholder of the Ferrexpo group is businessman Kostiantyn Zhevaho.