Ferrexpo PLC's total pellet production in the third quarter dropped 9.8% from the previous quarter to 2.5 million tonnes.
Production in the first nine months of the year increased 1.7% year over year to 7.9 Mt. The company has iron ore mining assets in Ukraine.
The production of high-quality 65% iron pellets fell 9.7% in the quarter to 2.4 Mt but rose 4.2% in the first nine months to 7.6 Mt.
Ferrexpo lowered its full-year guidance to between 10.4 Mt and 10.6 Mt from the previous guidance of 10.6 Mt.
The Switzerland-headquartered company said Oct. 8 that it will start refurbishing its final pellet line Oct. 28. The work is expected to last about 55 days and includes an upgrade to the travelling grate feeding the pellet line, which is expected to increase the line's productivity.
Detectives from Ukraine's State Bureau of Investigations claimed that Ferrexpo CEO Kostyantin Zhevago was suspected of money laundering and embezzling funds from Finance & Credit JSC, a bank previously owned by the billionaire, according to a recent Bloomberg News report.
