Ferrexpo has resumed pellet production at Poltava Mining and Processing Plant

The company has restarted one pelletizing line thanks to improved energy supply and is exporting its products to Europe

Ferrexpo, an iron ore producer with assets in Ukraine listed on the London Stock Exchange, has resumed pellet production at Poltava Mining and Processing Plant after a temporary suspension announced in January 2026. The restart was made possible by improvements in the availability and cost of electricity from both domestic and imported sources, according to the statement.

Currently, one pelletizing line is operating at the plant. The company has already resumed production and shipments of premium iron ore products to customers in Eastern and Central Europe. Ferrexpo uses its own fleet of railcars for logistics.

As noted by Lucio Genovese, acting chairman of Ferrexpo’s board of directors, the company was able to resume operations with the onset of spring in Ukraine.

«We are pleased that with the arrival of spring in Ukraine, we were able to resume work and once again produce and export our premium iron ore products. After intense attacks on the country’s energy infrastructure, we are grateful to everyone who worked on the rapid restoration of the system,» he said.

According to Genovese, the restoration of one pelletizing line was made possible thanks to the efforts of the company’s employees, demonstrating Ferrexpo’s flexibility and ability to adapt to difficult conditions.

The company also reported on the situation with its Swiss subsidiary Ferrexpo AG. One of the group’s partner banks, MBaer Merchant Bank AG, lost its license following a decision by the Swiss financial regulator FINMA and is in the process of liquidation.

Ferrexpo AG has approximately $3 million in accounts with this bank, which is part of the group’s cash reserves of approximately $30 million as of the end of February 2026. According to the liquidators, the bank’s assets are sufficient to fully satisfy customer claims, so the company expects to recover the deposit in full, although the timing of this is not yet known.

Ferrexpo notes that the situation with MBaer has not affected cooperation with other banks, but management is actively seeking alternative banking solutions to ensure the group’s international settlements.

It should be noted that in November 2025, the company also temporarily suspended the production and export of iron ore products due to damage to energy infrastructure as a result of Russian missile attacks in the Poltava region.

It should be recalled that in 2025, Ferrexpo reduced its iron ore production by 9% compared to the same period in 2024, to 6.14 million tons. Commercial concentrate production increased 4.1 times year-on-year to 2.92 million tons, while pellet production decreased by 47% year-on-year – to 3.22 million tons. Premium pellet production amounted to 3.14 million tons (-44% y-o-y), and DR pellet production amounted to 81.79 thousand tons (-83% y-o-y).