Economy 2023-11-15T04:52:15+02:00
Ukrainian news
Ferrexpo Partially Resumed Production

Ferrexpo Partially Resumed Production

Ukraine, Kostiantyn Zhevaho, Ferrexpo, Ferrexpo plc

The Ferrexpo plc (United Kingdom), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava region), has partially resumed production.

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

"On October 11, the group announced a temporary suspension of production due to Russian missile strikes on electrical infrastructure, repair work is now sufficiently advanced to allow a partial resumption of production at its facilities in central Ukraine. However, the supply of electricity to the group's facilities remains erratic and limited, affecting cost-effectiveness of production. As a result, the group is now focused on reducing its inventories of finished iron ore products to maintain supplies to its customers," the statement said.

The message states that Ferrexpo has sufficient stocks to meet customer demand.

As Ukrainian News Agency earlier reported, on October 11, Ferrexpo suspended production due to limited power supply.

In the first nine months of 2022, compared to the same period in 2021, Ferrexpo reduced the production of rolled production by 31% to 5.6 million tons.

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

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