Market Updates
Europe Movers: Ferrexpo
Inga Muller
07 Apr, 2025
Frankfurt
Ferrexpo Plc. dropped 6.8% to 44.60 pence after the producer and exporter of iron ore pellets reported the highest quarterly production since 2022, but higher costs overshadowed the production results.
Total commercial production accounted for 2.12 million tons in the first quarter, compared to 2.05 million tons a year ago.
The increase is due to “an increase in production of high-grade concentrates, sold to customers in Asia, combined with a stable production of Ferrexpo premium pellets,” the company said in a release to investors.
Pellet production dropped 26% in the quarter to 1.35 million tons from 1.81 million tons a year ago, and production of premium pellets declined 36% to 1.10 million tons from 1.73 million tons in the same quarter a year earlier.
“The increase in production, however, did not translate into improved earnings because of sustained high input costs, in particular imported electricity and deteriorating iron ore pellet premiums and prices,” the company added in the statement.
The environment in which the company is operating has become increasingly challenging.
In March, the Ukrainian tax authorities notified Ferrexpo’s two main operating subsidiaries of their decision to suspend the refund of VAT for the month of January 2025, for the total amount of approximately $12.5 million.
“This suspension of the VAT refund has resulted in lowering the available liquidity to fund the operations,” the company said, adding that the company has downscaled its operations to one pellet line and implemented significant cost-cutting measures across the business.
Annual Returns
| Company | Ticker | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|