Ferrexpo retained employees despite production being halved during wartime

8 April, 03:49 PM
Operating expenses increased due to energy costs (Photo:ferrexpo.com)

Operating expenses increased due to energy costs (Photo:ferrexpo.com)

Ferrexpo CEO Jim North shared how the war has impacted his business in an interview with NV Business. 

“Our production and financial indicators decreased by approximately 50%,” he said.

“The EBIDTA indicator was adjusted for currency differences due to the devaluation of the hryvnia. Only the changes in the exchange rate increased this indicator by $278 million.”

He noted that operating expenses increased due to energy costs, including gas and electricity.

Video of day

“It is important to consider that we retained all our employees and continued to pay salaries, though we could not provide work for 100% of our workforce. They were able to pay bills and feed their families until the business began to recover at the beginning of this year,” the CEO noted.

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