7th Sep 2026 10:40
(Alliance News) - Ferrexpo PLC said on Monday that production has restarted in Ukraine as its shares resumed trading following a suspension.
Shares in Ferrexpo soared 36% to 38.74 pence on Monday morning in London.
On August 5, the Baar, Switzerland-headquartered company said it had temporarily suspended iron ore production and pelletising operations in Ukraine after a vessel carrying DR-grade pellets was struck by a Russian drone attack in the Black Sea.
On Monday, Ferrexpo said it mobilised its operations over the weekend and recommenced production using one pellet line following the USD100 million fundraising announced on Friday.
The fundraising comprised 448.8 million new shares issued at 16.5 pence each. It included a USD50 million cornerstone commitment from Ukrainian businessman Andriy Verevskyi, who subscribed for 224.4 million shares and will hold about 21% of the enlarged share capital. Ferrexpo's largest shareholder, Fevamotinico Sarl, also subscribed for 179.5 million shares, with its holding remaining between 44% and 49%.
With production now restarted, Ferrexpo said it plans to focus its exports on European customers, citing ongoing attacks on Black Sea ports and vessels.
Interim Executive Chair Lucio Genovese said: "We are pleased to restart production in Ukraine and I would like to thank our workforce, who have once again demonstrated their commitment and determination in being able to bring the operation back online over the weekend."
By Niall Holden, Alliance News reporter
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