Ferrexpo’s output fell by 54% y/y in 1H2026

In the second quarter, the company doubled its production of DR pellets

Ferrexpo, an iron ore producer with assets in Ukraine that is listed on the London Stock Exchange, reduced its iron ore output by 54 per cent year-on-year to 1.55 million tonnes in the first half of 2026, according to the company’s report.

Over the first six months of this year, iron ore concentrate production fell by 86 per cent year-on-year to 171,000 tonnes.

Production of premium pellets fell by 41 per cent compared with the same period in 2025, to 1.22 million tonnes.  Over the same period, production of DR pellets doubled year-on-year to 163.2 thousand tonnes. This volume was produced in the second quarter.

The company managed to increase its quarterly production, but continues to face significant logistical and financial constraints. Ferrexpo’s total commercial production in the second quarter rose by 63 per cent compared with the first quarter, reaching 963.4 thousand tonnes, of which 860.2 thousand tonnes were premium pellets and 103.2 thousand tonnes were concentrate.

“We are delighted that during this period we have managed to restore stable production, despite the numerous operational and logistical challenges we have faced. We have succeeded in improving our sales mix through the export of high-quality DR pellets. We are also continuing to cut costs across all areas of the business to preserve working capital. Our working capital is currently being depleted because we have not been reimbursed for VAT since March 2025. At the same time, we are moving towards raising capital — this is the most viable solution to help offset the shortage of working capital,” commented Lucio Genovese, interim executive chairman of the board of directors, on the results.

It should be noted that, in 2025, Ferrexpo reduced its iron ore production by 9 per cent compared with 2024 – to 6.14 million tonnes.