11 October 2022, Tuesday, 15:39 178

Britain's Ferrexpo Suspends Production Due To Limited Power Supply

Редактор: Tetiana Herasimova

Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava region), has suspended production due to limited electricity supply.

This is stated in the message of the enterprise on the London Stock Exchange, Ukrainian News Agency reports.

"As a result of missile strikes, the state energy infrastructure located outside the group's activities was damaged. Limited power is available at the group's facilities, which are given priority for critical equipment needed for essential services and local communities. Consequently, production at the group's facilities is temporarily suspended. Engineers are currently assessing the damage caused to the power infrastructure and assessing the production downtime due to repair work," the report said.

It is noted that Ferrexpo currently has a sufficient volume of its products in transit or in warehouses to meet the expected sales volumes, provided that logistics corridors remain available.

As Ukrainian News Agency earlier reported, Ukrenergo says that in order to restore stable electricity supply, it is necessary to repair damaged areas, so rolling power outages can last for several days.

For 9 months compared to the same period in 2021, Ferrexpo reduced the production of pellets by 31% to 5.6 million tons.

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

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