Ferrexpo Cuts Pellet Production By 13.8% To 4.8 Million Tons In H1

In the first half of 2022, Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava Region), reduced the production of pellets by 13.8% or 766,000 tons year over year to 4.797 million tons.

The company has said this in a statement, Ukrainian News Agency reports.

At the same time, the production of pellets from ore with 65% iron content amounted to 4.707 million tons, and the production of pellets with 67% iron content - 90,000 tons.

The company also produced 19,000 tons of concentrate (with 67% iron content).

Production of pellets in the second quarter of 2022 amounted to 2.1 million tons, which is 27% lower compared to the same period last year.

This dynamics is due to the war in Ukraine and related logistical restrictions.

As Ukrainian News Agency earlier reported, in 2021, compared to 2020, Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava region), increased profit by 37.1% or USD 235.7 million to USD 870.993 million, increasing revenue by 48.1% or USD 818 million to USD 2.518 billion.

In 2021, compared to 2020, the company increased its Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 67.5% or USD 580 million to USD 1,439 million, capital investments increased by 75% to USD 361 million.

In 2021, compared to 2020, Ferrexpo increased its production of concentrate and pellets by 0.5% to 11.454 million tons.

In 2021, compared to 2020, the company increased pellet production by 0.02% to 11.22 million tons.

At the same time, the production of pellets from ore with 65% iron content amounted to 10.79 million tons, and the production of pellets with 67% iron content - 431,000 tons.

The company also produced 234,000 tons of concentrate (with 67% iron content).

Kostiantyn Zhevaho is the majority shareholder of Ferrexpo.