On September 18 the shares of the UK-based mining company Ferrexpo with assets in Ukraine fell at the London Stock Exchange after the news of the company losing access to its money in the Finances and Credits bank in Kiev. The bank is owned by Ferrexpo majority shareholder Konstantin Zhevago.
Ferrexpo had $174 million at the Finances and Credits bank, that had been named insolvent.
Ukrainian iron ore miner Ferrexpo said it was cautious about its full-year performance due to weakness in iron ore prices and an uncertain situation in Ukraine, as it reported a 45% fall in its half-year core profit.
Standard & Poor’s has decreased the long-term credit rating of iron ore pellets manufacturer Ferrexpo Plc owned by Konstantin Zhevago from CCC to SD and its short-term rating from C to SD.
In January-June Ferrexpo plc, controlling Poltava and Yeristovo Mining and Processing Works (both in Poltava region), produced 5.81 million tons of pellets, up by 7.4%, or by 0.44 thousand tons, YoY.
Shares in Ukrainian iron ore producer Ferrexpo rose as much as 4% in early trade in London on Friday after the company posted a strong increase in iron ore pellet for the first half of the year.
Ferrexpo Plc with EPIC LON:FXPO has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘buy’ by analysts at Cantor Fitzgerald. Ferrexpo Plc are listed in the Basic Materials sector within UK Main Market. Cantor Fitzgerald have set a target price of 120 GBX on its stock. This would imply the analyst believes there is…
Ferrexpo PLC said its profit halved in the first quarter of 2015 after revenue was impacted by lower iron ore prices and lower sales.