Ferrexpo, a Swiss iron ore company with assets in Ukraine, fell 4% after it reported that total iron ore production in the third quarter increased by 2% year-on-year, but decreased quarter-on-quarter by 9% to 2.6 million tons.
“Production declined 9% qoq as a result of pellet mill modernization completed during the quarter and pellet mill scheduled maintenance in September 2021," reads company message .
The proportion of 67% iron direct reduced pellets increased to 8% of total pellet production during the period compared to 3% in the prior period, reflecting Ferrexpo's continued expansion into this market.
In January-September, the total production of pellets increased by 0.3% compared to the same period in 2020 - up to 8.16 million tons.
Ferrexpo is a Swiss iron ore company with assets in Ukraine. The main activity of the company is the production and export of high quality iron ore pellets used in the production of steel.
Current production assets - Poltava and Eristovsky GOKs. Ferrexpo plc owns 100% of the shares of Ferrexpo AG, which, in turn, owns 100% of the shares of Poltava GOK and 100% of the shares of Eristovsky GOK.
In 2020, the company produced 11.2 million tonnes of iron ore pellets.