The Kiev Court of Appeal rejected Ferrexpo AG's appeal against the sale of 50.3% of Ferrexpo Poltava Mining (FPM) shares held by Ferrexpo AG Switzerland, FPM's sole shareholder.
This means that the limit covering 50.3% of FPM shares remains in effect. The restriction does not affect the ownership of FPM shares, but prohibits their transfer.
The company noted that Ferrexpo AG has no intentions and never intended to transfer its stake in FPM. All Ukrainian Ferrexpo GOKs continue to operate as usual.
Ferrexpo, together with its consultants, is considering options for further legal action against the restriction.
The company reported that the production of iron ore pellets (the main product of Ferrexpo) for 9 months of 2020 increased by 3% to 8.1 million tons, but in Q3 2020 it decreased by 12% to 2.5 million tons due to for the planned maintenance of the pellet mill in early September 2020.
100% of production in Q3 2020 was made up of iron ore pellets with a high iron content (65% Fe and higher).