14th Jan 2026 11:08
(Alliance News) - Ferrexpo PLC on Wednesday said the last quarter of the year represented "one of the hardest quarters for the business", as it posted a decline in commercial production for 2025.
The Baar, Switzerland-based iron ore producer in Ukraine said total commercial iron ore production fell 39% in the fourth quarter of 2025 to 1.1 million tonnes from 1.8 million tonnes a year prior. On the prior quarter, it was down 29% from 1.5 million tonnes.
Total pellet production was 412,867 tonnes in the fourth quarter, down 73% from 1.5 million tonnes a year earlier. Compared to the third quarter of 2025, it was down 35% from 638,963 tonnes.
Ferrexpo explained that towards the end of the quarter there was an increase in both the intensity and frequency of drone and missile attacks on Ukraine's energy, transport and port infrastructure.
The company said the interruption to both logistics channels and power supplies meant that production in the quarter was below planned levels.
For the year as a whole, total commercial iron ore production declined 9.4% to 6.1 million tonnes from 6.8 million tonnes in 2024, and total pellet production fell 47% to 3.2 million tonnes from 6.1 million tonnes.
Shares in Ferrexpo were down 3.9% at 66.80 pence on Wednesday morning in London.
"The final quarter of 2025 was one of the hardest quarters for the business and our people since the full-scale invasion of Ukraine. Missile and drone attacks on regional energy infrastructure resulted in interruptions to the supply of power to our operations," said Interim Chief Executive Lucio Genovese.
CEO Genovese noted that Ferrexpo's ability to export has been constrained since December owing to heavy attacks on the Ukrainian Black Sea region, with the company focused on exporting by rail until safe maritime access has been restored.
"As we follow political developments in Ukraine and abroad, we are hopeful that an end to the war is near, however we must remain vigilant. We must continue to work to keep our people safe, whilst we continue our efforts to seek to recover withheld VAT and ensure the integrity of our assets," Genovese continued.
By Christopher Ward, Alliance News reporter
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