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Ferrexpo – there are reasons why the shares could now bounce sharply

Ferrexpo (FXPO) emphasises that it produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers. That sounds good, but it does so from Ukraine. That is why it has seen a share price fall from approaching 500p last summer, but we can now see reasons why the shares could bounce sharply.

EPIC FXPO
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Ferrexpo – Q2 production report, logistics constraints to ease?

Iron ore pellets producer Ferrexpo (FXPO) has issued a production report noting sales in the first half of 2022 of 4.4 million tonnes, representing a year on year decrease of 21%, with logistics availability “the largest constraint” on the business but that it is “in advanced discussions with a number of logistics providers to resume access to seaborne markets via neighbouring countries”.

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Ferrexpo – continuing production and sales despite its operations being in Ukraine

Iron-ore pellets producer, Ferrexpo (FXPO), has announced - despite operational constraints following Russia's invasion of Ukraine - “production of 2.7 million tonnes in the first quarter of 2022, representing a figure in line with the same period in 2021, and 11% below the previous quarter… Sales in 1Q 2022 of 2.6 million tonnes… net cash position of approximately US$159 million”.

EPIC FXPO
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Choose Your Rogues Wisely

On the whole, it probably does make sense to avoid investing in companies run by rogues but if one is to break that rule, it pays to back a rogue who knows how to generate cash. Perhaps rogue is too strong a term for Kostyantyn Zhevago, founder and majority shareholder of Iron ore miner Ferrexpo PLC (FXPO), so let us just say he is a colourful Ukrainian entrepreneur, one of the original oligarchs who, finding himself in the right place at the right time, acquired some promising assets for a song and listed his company in London in 2007.

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