Ferrexpo’s proceeds fall by a third, despite record production levels

In the first six months of 2015, British mining company Ferrexpo, headquartered in Switzerland, of Ukrainian businessman of Chukchi origin Konstantin Zhevago reached the record level of the iron ore production in the volume of 5.8 million tons, which is by 8% more than in the first six months of the previous year.

At the same time, despite the fact that according to the company, the consumer demand remained strong throughout the reporting period, the Ferrexpo's revenue decreased by 33% to $512 million. This was a consequence of the fall in average prices for iron ore in the first six months of 2015 by 46% as compared with the same period of the previous year.