Ukrainian iron ore pellet producer Ferrexpo PLC (FEEXF) said Tuesday it has produced a record annual output of iron ore pellets, a high quality raw material used in steel making.
Ferrexpo, the world’s fifth largest supplier of iron ore pellets, produced 11 million metric tons of pellets last year up 2% from the previous year. About 5.8 million tons or 53% of total production were pellets with 65% ferrous content.
The Switzerland-headquartered company produced a record amount of iron ore despite announcing last month that its December output would fall short of expectations due to electricity supply shortfalls stemming from the ongoing crisis in eastern Ukraine.
Ferrexpo said previously it had enough iron ore stocks to make up for the shortfall in December but may have to operate at current reduced levels if the power shortfall persists in the first quarter.
Ferrexpo’s iron ore production prior to December wasn’t affected by the ongoing crisis. (https://imarketreports.com/ukraines-ferrexpo-produces-record-iron-ore-pellet-in-2014.html)