KZRK Reduced Ore Production by 50% Year-on-Year in First Half of 2025
In the first half of 2025, Криворожский железорудный комбинат (KZRK) decreased its commercial ore production by 50.1%, falling from 710,000 tons in the same period last year to 354,000 tons, according to the company's interim report reported by Interfax-Ukraine.
Production and Financial Performance in Q2 2025
During the second quarter, the plant produced 118,000 tons of ore, valued at UAH 260.9 million, with an average selling price of UAH 1,799 per ton. Total revenue for the period reached UAH 545.4 million, of which 99.9% was derived from exports.
In the first quarter of 2025, output totaled 236,000 tons, primarily sold to Slovakia, the Czech Republic, Serbia, Switzerland, and Austria.
Financial Challenges and Market Competition
The company experienced a decline in income from core activities, resulting in insufficient working capital to maintain production programs. KZRK acknowledges the need to boost sales volumes and increase its own working capital to enhance liquidity.
The iron ore market remains highly competitive due to excess production capacity relative to demand. Major competitors include Ukrainian firms Sukha Balka and Rudomain, as well as Brazilian mines Itabira and Carajas.
Ongoing Operations and Capacity Utilization
Despite the sales difficulties, KZRK continues to develop operations at the Ternivska, Kozatska, Pokrovska, and Kryvorizka mines. However, capacity utilization in the second quarter was only 26%.
“The company recognizes that in order to improve liquidity, it is necessary to increase sales volumes and increase its own working capital.”
Overall, the report highlights significant production cuts by KZRK amid tough market competition and financial constraints, while efforts to sustain mining at key sites continue.
Author’s summary: KZRK cut ore production by half in the first half of 2025, facing tight liquidity and fierce competition, yet keeps developing key mines amid low capacity utilization.
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