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Ferrexpo Iron Ore Pellet Production In Q3 Drops 68%

Ferrexpo plc (FXPO), an exporter of high-grade iron ore pellets to the global steel industry, on Thursday reported a total iron ore pellet production of 0.8 million tonnes in the third quarter, representing a year-on-year decrease of 68 percent.

The company, with operations in central Ukraine, has attributed the drop to Russia's invasion of Ukraine in 2022, and associated logistics constraints requiring production to be curtailed.

Production of higher-grade direct reduction pellets however increased 35 percent to 263 kilo tonnes. The product represented 31 percent of total pellet production during the period, versus 4 percent in fiscal 2021.

Production of commercial concentrate increased by 45 percent year-on-year to 65 kilo tonnes.

Sales for the period was 1.0 million tonnes, representing a 65 percent year-on-year decrease. Sales tonnages exceeded production as operations resorted to draw down on existing stockpiles in Ukraine.

The company also announced the appointment of Yaroslavna Blonska, who has more than 20 years' experience within Ferrexpo's marketing team, as Acting Chief Marketing Officer, replacing Brett Salt, who has resigned for personal reasons.

Shares of Ferrexpo closed Wednesday's trading at 131.90 pence, down 0.90 pence or 0.68 percent from the previous close.

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