Ferrexpo's iron ore output drops 9% YoY in 2025

Despite the decline, the full-year production is more than 50% of the company's pre-war capacity and "an acceptable production performance" given all the challenges it faced during a fourth year of war, the report noted.

Among last year's total, pellet output decreased by a significant 47% on year to 3.2 million tonnes, while concentrate output surged by 311% on year to a record high of 2.9 million tonnes, the report showed.

The proportion of iron ore concentrate in total output also increased to 48% in 2025 from just 10% in 2024. This shift was in line with the market demand, the company said.

In the fourth quarter alone, Ferrexpo's iron ore output declined by 29% on quarter and 38.9% on year to 1.1 million tonnes. The Q4 production fell short of plan due to intensified missile and drone attacks on Ukraine's energy, transport, and port infrastructure that disrupted local power supplies and logistics channels, the report pointed out.

Since December, Ferrexpo's ability to export has been constrained because the Ukrainian Black Sea region was heavily attacked, forcing the company to rely on rail exports until repairs are conducted and safe maritime access is restored.

Currently, limited by power availability, Ferrexpo is operating one pellet line while also producing additional concentrate. It mainly exports premium iron ore pellets to customers in Europe.

"When power, rail and port capacity are restored, there is an opportunity to increase concentrate production and sales to Asian markets," said Lucio Genovese, Ferrexpo's Interim Executive Chair.

Written by Irene Zhuang, zhuangailing@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com