Ferrexpo achieves a record 83% increase in production since the start of the war

Ferrexpo, one of the world's leading producers and exporters of iron ore pellets, has published impressive results for the first half of 2024. Production rose 83% from the previous six months to December 2023 and 75% from the first half of 2023, the company said in a statement.

Interim Executive Director of Ferrexpo, Lucio Genovese, noted that these are the highest figures since the start of the full-scale invasion of Ukraine in February 2022. The increase in production became possible thanks to the improvement of logistics conditions and the opening of the Black Sea Sea Corridor.

The total production of products of the Ferrexpo group for the first half of 2024 reached 3.7 million tons, which is significantly higher than 2 million tons for the same period of the previous year. Of these, 3.3 million tons were pellets, and 0.4 million tons were concentrate.

The Black Sea Sea Corridor played a key role in ensuring the shipment of products from Ukrainian ports. Since its opening at the end of 2023, hundreds of ships have passed through the corridor, including 90 with ferrous metallurgy products. This allowed Ferrexpo to significantly increase export volumes.

Genovese emphasized that even with such significant figures, the company was not working at full capacity. In the first half of 2024, the group used only two or three of the four existing pellet production lines. At the same time, the volume of production for the quarter was 1.7 million tons, of which 1.5 million tons were pellets and almost 200,000 tons were concentrate.

According to the results of 2023, Ferrexpo enterprises transferred more than UAH 1.93 billion in taxes and fees to the budgets of various levels. This testifies to the important role of the company not only in the industrial sector, but also in supporting the country's economy.

Such results demonstrate the stable recovery of Ferrexpo and its ability to adapt to the challenges of wartime, ensuring stable production growth and supporting the economic development of Ukraine.