Swiss mining company Ferrexpo, whose main interests are related to Ukrainian iron ore assets, announced the temporary suspension of iron ore production at its mining and pelletizing plants in Ukraine due to ongoing disruptions in export logistics on the Black Sea following the recent incident with the vessel.
The damaged vessel was taken to the Black Sea port for осмотра
The company stated that after its announcement on July 28, 2026, the owner of the vessel carrying the company's direct-pressed pellets (DR-grade) Ferrexpo has explored several rescue options,as previously reported SteelOrbis.
Despite the difficult conditions, the vessel was successfully located and removed from the military risk zone and is currently It will be towed to one of the nearest Black Sea ports, where it will undergo a technical inspection and an assessment of the condition of its equipment. cargo.
The production shutdown is aimed at preserving working capital средств
Ferrexpo stated that the continued threat of attacks on Ukrainian ports and ships has significantly limited its Black Sea export routes. In order to save its working capital, the company decided to temporarily suspend the production of iron ore products.
It is noted that the resumption of production will depend, among other factors, on attracting additional working capital. The company added that it is currently able to continue supplying its European customers from existing stocks.
It is expected that there will be enough liquidity until the middle сентября
Ferrexpo also warned that without additional funding, its net available cash is expected to be sufficient only until mid-September 2026.. The company stressed that this liquidity forecast is still subject to several factors, including iron ore price volatility, operating costs such as electricity costs, events related to the ship incident, the ongoing suspension of VAT refunds, and ongoing litigation involving Ferrexpo Poltava Mining.
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