Ferrexpo's Q4 production declined significantly, but annual production still maintained 6 million mt.

On January 14, 2026, Ukrainian pellet producer Ferrexpo released its production report for Q4 and the full year of 2025.

Details are as follows:Ferrexpo's total iron ore production in Q4 was 1.1 million mt, down 29% QoQ and 38.9% YoY. Iron ore concentrates (Fe67%) output was 700,000 mt, and pellet production was 400,000 mt. In Q4, intensified missile and drone attacks on Ukraine's energy, transportation, and port infrastructure caused power supply and logistics disruptions, leading to production falling below plan.

In 2025, Ferrexpo's total iron ore production was 6.1 million mt, down 9% from 6.8 million mt in 2024, but remained above 6 million mt for the second consecutive year and was significantly higher than the 4.2 million mt in 2023. Iron ore concentrates output performed strongly, surging 311% YoY to 2.9 million mt, accounting for 48% of the total production structure (10% in 2024), mainly due to the company's adjustment of its product mix in response to market demand.

Additionally, the report mentioned that the suspension of VAT refunds by the Ukrainian government continued, with unpaid refunds reaching $69 million as of the end of November 2025. The company maintained strict control over working capital and costs in the challenging environment, including reducing employee working hours, cutting procurement spending, and suspending all non-essential capital expenditures and corporate social responsibility expenses.

Ferrexpo's Interim Executive Chairman, Lucio Genovese, stated that Q4 2025 was one of the most severe tests the company has faced since the full-scale escalation of the Russia-Ukraine conflict. Frequent attacks on Ukraine's energy infrastructure caused disruptions to power supply for production; moreover, since December, intensified attacks on Black Sea coastal areas severely restricted maritime export routes, forcing the company to rely again on rail transport. Despite the extremely difficult operating environment, Q4 production remained above 1 million mt, and full-year total production exceeded 6 million mt for the second consecutive year, a level that has recovered to over 50% of pre-conflict capacity.

Currently, the company is utilizing available power resources to maintain the operation of one pellet production line and produce some iron ore concentrates to ensure supply to European customers. Once power supply is restored and rail and port capacity becomes available, the company is expected to further increase iron ore concentrates production and expand sales opportunities in the Asian market.