Ferrexpo: Iron ore production fell 11% in quarter due to war

Ferrexpo PLC announced that iron ore production fell 11% in the quarter as a result of Russia’s invasion of Ukraine.

The Ukrainian-based company announced production of 2.7 million tonnes of iron ore pellets in the first quarter of the year, when it was hit by operational and logistical constraints in relation to the war in the country.

Sales reached 2.6 million tonnes, as railways in Europe remain open.

“The port of Pivdeni in southwestern Ukraine, where the group’s base is located, remains closed and we are considering alternative methods of delivering our products to the maritime markets,” said CEO Jim North.

Ferrexpo stated that its production continues to focus on high quality iron ore. The company will continue to operate as long as possible, and remains safe to do so, he added.

Source: Capital

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