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(Alliance News) - Ferrexpo PLC on Wednesday said full-year production was testament to the determination of its workforce, despite an "exceptionally difficult year".
The Swiss-headquartered iron ore pellet producer with operations in central Ukraine said total iron ore pellet production for the fourth quarter of 2022 was 400,000 tonnes, down 87% from 3.1 million tonnes in the fourth quarter of 2021.
"This reduction is primarily due to the loss of electrical power for the majority of the quarter, which was partially restored in late December, in addition to existing constraints relating to Russia's invasion. As of the date of this release, the group continues to produce iron ore pellets using one pelletiser line (out of a total of four)," Ferrexpo explained.
The company reported full year production of 6.1 million tonnes, down 46% from 11.2 million tonnes in 2021, which the company said reflected logistical and operational difficulties brought about by the war in Ukraine.
Ferrexpo added that full year sales were 6.2 million tonnes, decreasing 46%, mainly due to the closure of Ukraine's access to the Black Sea, railway constraints and Russian attacks on electricity infrastructure.
The company said that although production was interrupted in the fourth quarter, shipments continued as panned at about the same rate as the third quarter.
Chief Executive Officer Jim North said: "At Ferrexpo, our operating and marketing teams have remained resilient throughout the war, and we remain committed to supporting the people of Ukraine through our continued operations and investments.
"Our full year pellet production of 6.1 million tonnes reflects both the determination of our workforce, and the strong and supportive relationships that we have with our stakeholders, such as our global customer network and local government."
Ferrexpo shares were up 1.9% trading at 173.00 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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