Ferrexpo, a London-listed iron ore exporter, has reported a steep 40% decline in Q2 2025 commercial production due to the ongoing suspension of VAT refunds in Ukraine. The group was forced to scale back operations and reduce employee hours to preserve liquidity. Despite lower output, Ferrexpo adapted by increasing production of high-grade concentrates, which saw robust demand from China. Leadership continues negotiations with authorities while praising workforce resilience, including veterans returning from military service.