Ferrexpo Shares Surge 36% After Resuming Ukraine Production Thanks to $100M Fundraise

On Monday, Ferrexpo (LON:FXPO) saw its share price climb more than 36% after the Ukrainian iron ore producer restarted operations over the weekend. The move followed a $100 million capital raising announced on September 4, which allowed production to recommence in the face of continued attacks on regional ports and vessels.

According to the company, production was restarted over the weekend following the fundraising. Ferrexpo now intends to direct its exports mainly to European clients amid repeated documented strikes on port infrastructure and shipping in the region.

Interim Executive Chair Lucio Genovese said the team was glad to have production running again in Ukraine and expressed appreciation for the workforce, whose commitment and resolve made it possible to bring the operation back online over the weekend.

Ferrexpo is a supplier of premium-grade iron ore products for the worldwide steel industry, a relationship it has maintained for more than 50 years.