(Alliance News) - Ferrexpo PLC on Tuesday reported its best quarterly performance since the beginning of the full-scale invasion of Ukraine in February 2022.
The Baar, Switzerland-based iron ore pellet producer, with operations in Ukraine, said total commercial production during the first quarter of 2024 more than doubled to 2.1 million tonnes from 953,794 tonnes last year.
Meanwhile, total sales volumes for the quarter increased to approximately 2.0 million tonnes from 850,000t.
Executive Chair Lucio Genovese said: "During the quarter, we were once again able to export from Ukrainian ports, allowing us to export larger volumes to Europe and resume sales to Middle Eastern, North African, and Asian customers."
Ferrexpo also took advantage of strong iron ore prices at the start of the year that encouraged the company to scale up production and exports.
However, the enduring conflict continues to create new challenges, especially as conscription numbers continue to rise in Ukraine.
Currently, 669 Ferrexpo employees serve in the military, the highest since the start of the invasion. And to date, only 67 members have returned to work.
"The reintegration of veterans is a complex issue and we are responding with a comprehensive programme of support that includes physical and psychological rehabilitation as well as retraining for employees who cannot return to their previous roles due to health issues," said Genovese.
Ferrexpo shares were up 9.6% to 52.84 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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