Swiss-headquartered minerFerrexpo, whose main interests are in Ukrainian iron ore assets, has provided an update on its operations in the wake of a number of Russian missile strikes acrossUkrainein the past week.
The Ukrainian state-owned electrical infrastructure has been damaged as a result of the missile strikes. Limited power supply is available at the company’s operations and is being prioritized for critical equipment. Consequently, the company’sproductionhas been temporarily suspended.
“The events of yesterday [October 10] have resulted in significant damage to major cities acrossUkraine, as well as a power outage at our operations and local communities. We are working to ensure that power is provided in critical areas, both within our facilities and in local communities, in order to support the safety of our workforce and community members,” Jim North, CEO ofFerrexpo, commented.
Ferrexpostated that it currently has a sufficient volume of products in its inventories to meet its expected sales volumes.
As SteelOrbis reported earlier, in the first nine months this year,Ferrexpo’s iron oreproductiontotaled 5.72 million mt, down by 32 percent, while its pellet output amounted to 5.63 million mt, decreasing by 31 percent, both year on year.