Ferrexpo doubles Q1 production vs prior three months

Ferrexpo more than doubled iron ore pellet production in the first quarter, driven by an improvement in the supply of electricity to operations in Ukraine, which enabled the restart of a second pelletiser line in late February 2023.

Production for the three months to March was 0.90 million tonnes compared with 0.42 million tonnes in the prior quarter, but still 65% lower year on year.

“The group intends to continue to operate with between one and two pellet lines in the coming quarter, in line with 1Q 2023, assuming no further material changes to the operating environment and logistics availability in Ukraine,” Ferrexpo said on Thursday.

Reporting by Frank Prenesti for Sharecast.com