The Aporia · Ferrexpo remains loss-making after ‘exceptionally difficult’ half-year

Ferrexpo remains loss-making after ‘exceptionally difficult’ half-year

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Williams, H. (2026, September 25). Ferrexpo remains loss-making after ‘exceptionally difficult’ half-year. Evening Standard. https://www.standard.co.uk/business/business-news/ferrexpo-remains-lossmaking-after-exceptionally-difficult-halfyear-b1298338.html

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Quick Summary

Stricken iron ore miner Ferrexpo reported pre-tax losses of $11 million for the first half of 2026, down from $186.9 million a year earlier but still significant. Revenues more than halved to $196.4 million during this period. The company secured $100 million in emergency funding from investors to cover daily operations and prevent cash shortages by the end of October. Ferrexpo faced operational disruptions due to Ukraine’s electricity infrastructure attacks, which forced temporary suspensions of its operations.

Written by AI on 2026-09-25, from this article's own text only (the story summary below draws on all the coverage).

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Story summary

Stricken iron ore miner Ferrexpo reported pre-tax losses of $11 million (£8.3 million) for the six months ending June 30, despite securing a $100 million (£76 million) emergency fundraising from investors just days earlier to fund daily operations and prevent cash shortages by October's end. The company’s revenues dropped over 50% to $196.4 million (£148.5 million) compared to the previous year when it suffered losses of $186.9 million (£141.3 million). Trading in Ferrexpo’s shares resumed in London after a four-month suspension following delayed annual results publication. The firm faces sanctions from Ukraine, including withheld VAT refunds since March due to a dispute with its largest shareholder and billionaire founder Kostyantyn Zhevago.

Written for “Ferrexpo Financial Performance” on 2026-11-02, grounded in this article and the 0 other(s) covering the same event.

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0 of 11 hedged ("reportedly", "may", "according to")

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Who wrote this

Holly Williams

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All 95 articles by Holly Williams →

Claims (11 extracted, 0 hedged)

Ferrexpo remains loss-making after ‘exceptionally difficult’ half-year Stricken iron ore miner Ferrexpo has revealed it remained heavily loss-making after an “exceptionally difficult” start to the year just days after securing investor backing for a 100 million US dollar (£76 million) emergency fundraising. The group reported pre-tax losses of 11 million dollars (£8.3 million) for the six months to June 30, down from mammoth losses of 186.9 million dollars (£141.3 million) a year earlier, but saw its revenues more than halve to 196.4 million dollars (£148.5 million). asserted

revenues → remain → dollars

The results come after it won support for the vital investor cash-call on Monday, allowing it to fund daily operations and prevent it running out of cash at the end of October. asserted

it → come → October

London-listed Ferrexpo saw the trading resume in its shares earlier in the month following a four-month suspension after it published long delayed annual results. asserted

it → list → results

The firm has had sanctions placed on it by Ukraine’s government after being caught up in a battle between Ukraine and the firm’s largest shareholder and billionaire founder Kostyantyn Zhevago. asserted

firm → have → Ukraine

This has seen VAT refunds due to Ferrexpo withheld by Ukraine’s tax authorities since March, which has left Ferrexpo rapidly running out of cash. asserted

which → see → cash

Its cash position shrunk to around 30 million dollars (£22.7 million) at the end of June, down from 58 million dollars (£43.9 million) at the end of last year. asserted

position → shrink → year

Interim executive chairman Lucio Genovese said: “The first six months of 2026 have been another exceptionally difficult period for Ferrexpo, during which the business and its people demonstrated a continued ability to adapt and respond to a series of operational, financial and legal challenges that were outside its control. asserted

that → say → control

“The year began with waves of intensive attacks on Ukraine’s electricity generation and transmission infrastructure, which forced us to temporarily suspend operations. asserted

which → begin → operations

“Following some improvements in the availability and price of electricity, we were able to restart limited production by bringing one of the group’s four pellet lines back online.” asserted

we → follow → lines

Read More He said the fundraise had “materially strengthened the group’s liquidity position, providing additional financial resilience and greater flexibility to manage the continuing operational and financial pressures facing the business”. asserted

fundraise → read → business

But he warned: “It does not however remove the underlying challenges as a result of the continued withholding of VAT refunds, the war in Ukraine, constraints on logistics and energy infrastructure, and the need to maintain disciplined management of cash and working capital”. asserted

It → warn → cash

Ferrexpo remains loss-making after ‘exceptionally difficult’ half-year

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Claims (11 extracted, 0 hedged)