Ukraine: Ferrexpo invests 1.5 billion UAH in GOKs

In January-September Ferrexpo invested over 1.47 billion UAH ($55.3 million) in its Ukrainian assets. In particular, Poltava Mining and Processing Works received over 1075.2 million UAH ($40.4 million), and Yeristovo Mining and Processing Works – 390 million UAH ($14.9 million). PGOK spent this money on deposits development, strategic projects, spare parts, etc. EGOK used the…

Ukraine: Ferrexpo attracts $195-million loan

Ferrexpo, controlling Poltava and Yeristovo Mining and Processing Works, has attracted a 3-year $195-million loan. The loan has been organized by BNP Paribas and issued by 6 international entities. The loan has to be repaid by December 31, 2020. In January-September Ferrexpo exported 7.526 million tons of pellets. In 2016 the group received $189.2 million…

Ukraine: Ferrexpo pellets output down in January-September 2017

In January-September Ferrexpo, controlling Poltava and Yeristovo Mining and Processing Works, produced 7.652 million tons of pellets, down by 8.1% YoY.

In particular, the group produced 414.5 thousand tons of 62% Fe content pellets of its own ore and 7.216 million tons of pellets with 65% Fe content. (Ukrainian metal)

Ukraine: Ferrexpo payments to budget up in H1 2017

In January-June Ferrexpo enterprises (Poltava, Yeristovo and Bilanovsky Mining and Processing Works) paid 535.7 million UAH of various taxes to local, regional and the state budgets, up by 29.4% YoY. In particular, PGOK paid 411 million UAH of taxes, EGOK – 122.1 million UAH, and BGOK – over 2.6 million UAH. Poltava GOK paid 78…

Ukraine: Ferrexpo ratings up

Moody’s international ratings agency has improved Ferrexpo plc corporate rating from Caa3 to Caa2. Default risk rating has been increased from Caa3-PD to Caa2-PD, while its bonds from Caa3 to Caa2. The outlook on all ratings is stable. In 2016 Ferrexpo, which controls Poltava and Yeristovo Mining and Processing Works, received $189.2 million of net…

Ukraine: Fitch upgrades Ferrexpo Plc to ‘B-‘

Fitch Ratings has upgraded Ferrexpo Plc‘s Long-Term Issuer Default Rating (IDR) to ‘B-‘ from ‘CCC,’ reads a report on the rating agency’s website. “The outlook is stable. Ferrexpo Finance Plc’s senior unsecured rating was upgraded to ‘B-‘ from ‘CCC’. The Recovery Rating on the senior unsecured rating is ‘RR4’. Ferrexpo’s Short-term IDR was upgraded to…

Ukraine: Ferrexpo sales to China halved

For the past three years Ferrexpo has decreased its pellets supplies to China from 25% to 13%. “We started with 25% sales to China, but once we improved the quality of our pellets, we started selling more to the Western Europe and the North-Eastern Asia”, the investors and communications director Ingrid McMahon reported. According to…

Ukraine: Ferrexpo profits down in H1 2016

In January-June Ferrexpo decreased its net profits by 33% YoY, to $77.77 million. According to the company statement, its revenues were down by 10.5% YoY, to $457.92 million, mostly due to the pellets price fall by 14%. Net profit dropped by 3.7%, to $265.77 million, with EBITDA down by 9%, to $160 million. Sales increased…

Ukraine: Ferrexpo hopes to get permission to start constructing BGOK in December 2016

Ferrexpo plc, controlling Poltava Mining and Processing Works, hopes that all the permission procedures to allow the construction of Bilanovsky Mining and Processing Works, will be completed in December. According to PGOK chairman Victor Lotous, the main problem now is the purchase of land plots. From the time the construction works start and the first…