Ferrexpo, an iron ore producer with assets in Ukraine listed on the London Stock Exchange, reported a 72% year-on-year decline in iron ore production for the first quarter of 2026, totaling nearly 593,000 metric tons. The figure also fell by 45% compared to the previous quarter. Commercial concentrate production dropped by 90% quarter-on-quarter and 91% year-on-year to about 68,000 metric tons. Premium pellet output increased by 27% from the previous quarter but declined by 52% year-on-year to 523,000 tons.

Production was largely suspended due to disruptions to Ukraine’s energy sector, with limited operations resuming at reduced capacity in late February. Acting chairman Lucio Genovese said unstable electricity supply forced temporary shutdowns. By late February, improved power availability allowed partial operations to restart.