Ferrexpo reported an underlying core profit for the full year ended Dec. 31 of $765 million, down 47% from a year earlier.
(Reporting by Muhammed Husain in Bengaluru; Editing by Rashmi Aich)
(Adds detail, background)
March 15 (Reuters) - Ferrexpo Plc reported a
slump in its full-year profit on Wednesday, as the
Ukraine-focused miner took a hit from higher costs and lower
production volumes.
Ferrexpo, the world's third-largest exporter of iron ore
pellets, has all its operations in Ukraine, and has been facing
disruptions due to the conflict in the country.
The miner said in a statement it was currently operating
with two of its four pelletiser lines, with products
predominantly being delivered to European customers.
Ferrexpo said it intends to maintain its global inventory of
finished iron ore pellets at a stockpile level in line with
previous years, but warned this might not be possible due to
logistical difficulties.
The group added that if it could increase its inventory of
pellets, it might elect to moderate production volumes this year
to ensure a drawdown in its stockpiles.
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