Ferrexpo has suspended the listing and trading of its shares on the London Stock Exchange with effect from 7:30 a.m. on 1 May, as the Ukraine-focused iron ore producer failed to complete a planned capital raise and publish its 2025 annual financial results by the deadline it had previously set itself.
The suspension will remain in place until the company completes its audit, publishes its annual report and financial statements for 2025, and implements a financing solution — with no certainty provided on when, or whether, trading will resume. “There is no certainty regarding the expected timing of the lifting of the suspension of listing and the resumption of trading in shares, if it happens at all,” Ferrexpo said in its statement.
The company has received indicative, non-binding expressions of interest from institutional investors in a potential recapitalisation of more than $100 million, but was unable to finalise the transaction before the end of April. Ferrexpo has described an equity raise of at least $100 million as the only viable solution to meet current obligations and provide sufficient working capital for the next 18 months. Without a successful financing outcome, the group has sufficient available cash only until approximately the end of August 2026. The company previously warned that failure to complete the fundraise could force it to file for insolvency.
The financial crisis has unfolded against a backdrop of severe operational disruption. In the first quarter of 2026, Ferrexpo reduced iron ore production by 72% year-on-year to 592,750 metric tonnes, and by 45% compared to the previous quarter, as Russian attacks on Ukraine’s energy sector largely suspended production activities. A limited resumption at reduced capacity occurred only at the end of February.
