Singapore markets open in 1 hour 13 minutes
  • Straits Times Index

    3,151.56
    -1.67 (-0.05%)
     
  • S&P 500

    3,744.52
    -38.76 (-1.02%)
     
  • Dow

    29,926.94
    -346.93 (-1.15%)
     
  • Nasdaq

    11,073.31
    -75.33 (-0.68%)
     
  • BTC-USD

    19,952.21
    -191.65 (-0.95%)
     
  • CMC Crypto 200

    456.11
    -7.01 (-1.51%)
     
  • FTSE 100

    6,997.27
    -55.35 (-0.78%)
     
  • Gold

    1,720.00
    -0.80 (-0.05%)
     
  • Crude Oil

    88.91
    +0.46 (+0.52%)
     
  • 10-Yr Bond

    3.8260
    +0.0670 (+1.78%)
     
  • Nikkei

    27,311.30
    +190.80 (+0.70%)
     
  • Hang Seng

    18,012.15
    -75.82 (-0.42%)
     
  • FTSE Bursa Malaysia

    1,420.43
    -0.12 (-0.01%)
     
  • Jakarta Composite Index

    7,076.62
    +1.24 (+0.02%)
     
  • PSE Index

    5,934.27
    -54.32 (-0.91%)
     

Ukraine-focussed Ferrexpo quarterly output drops on logistical snags

·1-min read

(Reuters) -Ferrexpo Plc posted a 27% drop in its second-quarter iron ore pellet production on Thursday, as the Ukraine-focussed miner faced operational and logistical snags following Russia's invasion of its neighbour.

The world's third-largest exporter of iron ore pellets has been facing disruptions due to the Russia-Ukraine crisis. Last month, Ferrexpo had reduced production of pellets after its sales to Europe were impacted as a transport route in the southwest of the country was damaged.

The miner, which makes iron ore pellets used in steel industry, has all its operations in Ukraine but away from the main conflict zones.

"We continue to operate and adapt our business in Ukraine as new risks emerge ... In terms of logistics availability, which remains the largest constraint on our business at the present time, we are advancing efforts to increase seaborne exports and have made initial deliveries to customers," Chief Executive Officer Jim North said.

Total iron pellet production fell to 2.1 million tonnes in the three-month period ended June 30, from 2.8 million tonnes a year earlier, the Swiss-based company said, adding that its second-quarter sales dropped 21%.

Ferrexpo had said in April that it would delay a decision on paying interim dividend and pause projects that are not expected to deliver near-term growth.

(Reporting by Shanima A in Bengaluru; Editing by Sherry Jacob-Phillips)