In the third quarter of this year, the company's total commercial production increased by 3.3 percent compared to the previous quarter to 1.51 million tons and decreased by 28.0 percent compared to the second quarter. In particular, the company's pellet production amounted to 638,963 units, a decrease of 22.3 percent compared to the previous quarter.
In the first nine months, Ferrexpo's total commercial production was 5.06 million tons, an increase of 0.9 percent, while pellet production was 2.8 million tons, a decrease of 38.5 percent compared to the same period last year.
According to the manufacturer's report, due to the continued suspension of VAT refunds and, as a result, reduced financial liquidity, Ferrexpo was forced to reduce the scale of operations from two granulation lines to one.
Lucio Genovese, interim executive Chairman, said: "The third quarter of 2025 was the first quarter when we experienced the full impact of the decisions of the Ukrainian tax authorities to suspend VAT refunds to our Ukrainian subsidiaries. Despite the continued reduction of pellet production capacity to a single line, we achieved a total production volume of 1.5 million tons per quarter. Strong demand from Chinese customers for our high-quality low-alumina concentrates allowed us to increase production by 36 percent per quarter.
