Ferrexpo has suspended production
Ferrexpo, a mining company with assets in Ukraine, temporarily suspended production at its facilities in the Poltava region due to damage to state-owned power infrastructure from Russian shelling on Monday, October 10, writes Interfax.
«Engineers are currently assessing the damage to the electrical infrastructure and the period of production downtime due to repair work."," the company said in a stock exchange statement on Tuesday.
Ferrexpo notes that none of its employees were injured as a result of yesterday's attacks.
«Limited power supply is available at Group facilities, with priority given to critical equipment needed for essential services and local communities."," the company points out.
Ferrexpo emphasizes that it currently has sufficient volumes of its products, either in transit or in warehouses, to meet expected sales volumes, provided that logistics corridors remain available.
«Yesterday's events resulted in significant damage to major cities across Ukraine, as well as power outages at our facilities and in local communities. We are working to maintain power in critical areas, both at our facilities and in local communities, to ensure the safety of our employees and community members.“a,” Ferrexpo CEO Jim North was quoted as saying in the statement.
Ferrexpo owns 100% of the Poltava Mining and Processing Plant, 100% of the Yeristovsky Mining and Processing Plant, and 99,9% of the Belanovsky Mining and Processing Plant. Ferrexpo has suspended production.
The company produced 839 tonnes of pellets in July-September 2022, a 68% decrease compared to the same period in 2021, due to Russia's invasion of Ukraine and the associated logistical constraints that required production cuts.
Overall, pellet production for the first nine months of this year amounted to 5,637 million tons, which is 31% less than for the same period last year, however, the production of direct-reduced pellets increased by 7% to 353 thousand tons.
DOSSIER: KONSTANTIN ZHEVAGO. THE RISES AND FALLS OF A DOLLAR BILLIONAIRE
Lawyers as Fixers: How Oligarch Zhevago Solved Creditor Problems During War
Subscribe to our channels in Telegram, Facebook, Twitter, VC — Only new faces from the section CRYPT!