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(Sharecast News) - Ukraine-focused iron ore miner Ferrexpo reported a big jump in output during its third quarter despite ongoing challenging conditions in the war-torn country.
Ferrexpo, the third largest exporter of iron ore pellets in the world, said it was able to operate between one and two of its four pelletising lines during the quarter, driving total iron ore pellet production to 1.25m tonnes, up 17% on the second quarter.
The company said it was able to continue exporting and serving the needs of its premium European customers despite the challenging rail logistics and sea ports capacity available in Ukraine.
Interim executive chair Lucio Genovese said Ferrexpo's performance "exceeded our expectations". He said: "Our strategy to move early and right-size our business, so that we are more responsive to ever changing circumstances, is working. Contrary to the prevailing market pessimism, iron ore prices strengthened over the quarter; a supportive factor given the higher logistics costs we are experiencing."
Ferrexpo announced that 33 of its employees serving in the Ukrainian Armed Forces have died in the conflict so far, while a further 739 workers still currently serve.
Genovese said: "While the future holds much potential, today during a time of war, it is not possible to understate how challenging it is to operate our business. This is especially the case as we head into the winter season, when energy infrastructure is vulnerable to disruption. We have deliberately focused on building pellet production during 3Q to mitigate risks in the months ahead."
