Ferrexpo declares force majeure as exports halted at Ukraine port

Pivdennyi port in southwest Ukraine. (Image courtesy of USPA Investment Portal.)

Ferrexpo said on Friday it sent force majeure notices to some customers as the iron ore miner suspended exports at Pivdennyi port in southwest Ukraine, a day after Russian forces invaded the country.

The London-listed company, which makes iron ore pellets used by the steel industry, said its operations close to the city of Horishni Plavni in central Ukraine were continuing as normal.

The temporary export suspension followed orders from port authorities, Ukraine-focussed Ferrexpo said, adding that the force majeure notices were for certain customers due to receive its products that were scheduled to be shipped.

“The group has the ability to stockpile its iron-ore pellets at site, whilst Ukraine’s logistic networks continue to experience disruption,” the company said.

Shares of the miner, majority owned by Ukrainian billionaire Kostyantin Zhevago, plunged more than 40% on Thursday.

Missiles pounded the Ukrainian capital on Friday as Russian forces pressed their advance and Ukrainian President Volodymyr Zelenskiy pleaded with the international community to do more, saying sanctions announced so far were not enough.

(By Yadarisa Shabong; Editing by Shounak Dasgupta)

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