Ferrexpo maintains capital expenditures at $102 mln in 2024

In 2024 capital expenditures of Ferrexpo, the London-listed iron ore producer with operations in Ukraine, reached $102 mln remaining on the same level as in 2023. It is stated in the company’s report with full year financial results.

36% of CAPEX was dedicated to maintenance purposes: sustaining capital expenditures amounted to $37 mln (+19.3% y/y). The increase compared to 2023 reflects the backlog of certain sustaining capital expenditures that have been postponed since the beginning of the war.

Investments in strategic development projects reached $65 mln, that is 7.1% less than in 2023. Larger strategic investments included funds for the new press filtration complex ($24 mln) and a new concentrate conveyer line along the production circuit ($2 mln). These investments will allow Ferrexpo to increase production once the operation returns to full capacity and to produce iron ore concentrates and pellets at the same time removing the restriction on their simultaneous production.

Ferrexpo also spent $9 mln (-59.0% y/y) on stripping activities for future production growth and $18 mln (-18.1% y/y) on the concentrator and pelletizer projects as part of the Wave 1 Expansion Programme aimed at increasing pellets production capacity by 3 mln tons per year.

As GMK Center reported earlier, Ferrexpo is among the top 10 largest Ukrainian investors in the wartime according to NV’s “Leaders. Who and how much invests in business development during the war”. The company’s investments over the two and a half years of war are estimated at $317 mln. Ferrexpo is ranked second among the mining and metals companies and sixth overall.

  • State

Ukraine’s trade turnover amounted to $38.1 billion in January-April

Ukraine's trade turnover in January-April 2024 amounted to $38.1 billion. This is evidenced by the…

Friday May 9, 2025
  • State

Ukrcement urges authorities to appeal to the EU to postpone CBAM

Ukrcement, the Association of Cement Producers of Ukraine, is calling on the Cabinet of Ministers…

Friday May 9, 2025
  • Global Market

European Commission starts consultations on possible response to US tariffs

The European Commission has launched a public consultation on a list of imports from the…

Friday May 9, 2025
  • Industry

Ukraine increased rolled steel production by 14.2% m/m in April

In April 2025, Ukrainian metallurgical enterprises increased production of commercial rolled metal products by 14.2%…

Friday May 9, 2025
  • Global Market

Latin American steelmakers call for coordinated trade defense

The Latin American steel industry is calling for coordinated action on trade defenses against steel…

Friday May 9, 2025
  • Companies

Tosyalı abandons the acquisition of Liberty Steel in Luxembourg

Employees of the Liberty Steel plant in Dudelange, Luxembourg, are once again in limbo as…

Friday May 9, 2025