Ferrexpo suspends iron ore production after Russian attacks on Ukrainian ports

"The ongoing threat of attacks on and around Ukrainian ports has significantly constrained the group's Black Sea export logistics," the company said. "As a result, and to preserve the group's working capital position, the company has decided to temporarily suspend iron ore production at its operations in Ukraine."

According to the statement, the resumption of production depends, among other factors, on securing additional working capital.

For now, Ferrexpo can continue supplying its European customers from existing inventories.

Without additional financing, the group expects its available net cash resources to be sufficient until mid-September 2026.

As previously reported, Ferrexpo's main asset, the Poltava Mining and Processing Plant, is preparing to suspend operations because of a liquidity shortage and the shutdown of Black Sea ports.

Ferrexpo halted seaborne shipments of iron ore pellets following Russian strikes on the ports of Greater Odesa.

The Russian blockade of Odesa's ports has also affected Metinvest Group. Production at its mining and processing plants could fall by one-third as early as August.

The Southern Mining and Processing Plant in Kryvyi Rih is partially suspending mining operations because Russian attacks on civilian commercial vessels bound for Ukraine's Black Sea ports have effectively blocked port operations.

Ferrexpo owns 100% of Yerystiv Mining LLC, 99.9% of Bilaniv Mining LLC, and 100% of the shares in Poltava Mining and Processing Plant. Businessman Kostyantyn Zhevago is the group's shareholder.