Ferrexpo Q4 production misses targets amid intensified attacks on on Ukrainian infrastructure

(Sharecast News) - Mining firm Ferrexpo said on Wednesday that intensified missile and drone attacks on Ukraine's energy, transport and port infrastructure late in the quarter disrupted power supplies and logistics, leaving fourth‑quarter production below targets. Ferrexpo produced 1.1m tonnes in the period, including 700,000 tonnes of 67% Fe premium concentrate and 400,000 tonnes of premium pellets. Full‑year output totalled 6.1m tonnes, down 9% on 2024, but was still well ahead of the 4.2m tonnes delivered in 2023.

The London-listed firm said it continued to pivot towards higher‑margin material, lifting premium‑grade concentrate production to a record 2.9m tonnes in 2025, representing 48% of the total mix compared with 10% a year earlier.

It also said it had maintained tight control of working capital and costs, reducing working hours, cutting procurement and keeping all non‑essential capex, overheads and CSR spending suspended.

Ferrexpo added that outstanding VAT refunds rose to $69m at the end of November and were expected to reach around $74m by year‑end if payments remain halted, and said its rolling 12‑month lost‑time injury rate had come to 0.37 at the end of November, below the five‑year average of 0.52.

As of 0920 GMT, Ferrexpo shares were down 3.74% at 66.90p.

Reporting by Iain Gilbert at Sharecast.com