Ferrexpo plc, a mining and ore company with its main assets in Ukraine, continues to focus on managing its costs and optimizing its sales structure to maximize its working capital.
According to a company statement released ahead of its annual general meeting on Monday, the group continues to operate under severely constrained conditions due to the war in Ukraine and related operational and financial difficulties.
At the same time, the statement notes that despite significant disruptions in the operating environment in Ukraine, the group continues to operate one of its four pellet production lines and export its products to customers in Europe and the Middle East.
As previously announced, the group decided to sell its own transshipment vessel, the Iron Destiny, for which it received a net profit of $7.7 million. Based on current production rates, current and projected energy prices for the next quarter, and taking into account an optimized sales mix, the group now forecasts that it will have sufficient net available cash—excluding funds frozen at Mbaer Bank—beyond the previously stated end of August 2026.
“This assessment remains subject to the volatility of iron ore prices and operating expenses (including energy costs) and assumes that there will be no significant changes in the Group’s operating conditions—including electricity supply—and that no restrictive measures will be taken by the insolvency administrator at Poltava Mining and Processing Plant (PGZK), and that there will be no final, non-appealable negative outcomes in the various judicial and administrative proceedings currently pending against the group,” the statement said.
In addition, it is noted that the group continues to actively pursue initiatives to enable it to begin raising equity capital in the amount of at least $100 million. As noted in the company’s previous announcements, the group remains confident that raising equity capital is the most viable solution within the required timeframe.
“At this stage, there is no certainty that the group will successfully complete such financing options. If the issues regarding the withholding of VAT refunds and financing are not resolved in a timely manner, this could lead to significant negative consequences for the group. The planned capital raise, if implemented, will be the subject of a further announcement, including the full terms of the planned capital raise,” the press release states.
The company plans to release its production report for the second quarter of 2026 on July 15 of this year.
As previously reported, Ferrexpo plc announced that it will hold its annual shareholders’ meeting on June 29 of this year. The total number of shares whose holders are entitled to vote at the meeting is 598,137,142 ordinary shares. Only one class of shares is outstanding, and each share carries one vote; therefore, the total number of voting rights that can be exercised at the meeting is 598,137,142.
Lucio Genovese, the company’s interim acting chairman, explained that voting on all resolutions will be conducted by poll, and the voting results will be announced through the Regulatory Information Service and published on the group’s website as soon as possible after the general meeting.
Genovese reiterated that the company aims to raise at least $100 million, which is needed to finance Ferrexpo Group’s operations over the next 18 months. The Group’s operations have been significantly impacted since the start of Russia’s full-scale invasion of Ukraine in 2022, leading to a reduction in operational activities and periods of complete suspension of operations. This has had a material impact on the Group’s revenue.
In addition, the decision by Ukraine’s tax authorities to suspend VAT refunds effective March 2025, amounting to approximately $90 million, has further significantly impacted the group’s liquidity. The company intends to complete the equity offering as soon as possible and is actively working toward this goal. However, it is not yet in a position to officially launch the equity offering.
“Until the equity offering is ready to launch, the company cannot publish its audited financial results for the year ended December 31, 2025, on a going-concern basis, as the company and its auditors require sufficient assurance regarding the commencement and successful completion of the equity offering before signing off on the financial statements. Due to the delay in the equity offering and given the dependence on the commencement of the equity offering for the publication of the audited financial statements for the year ended December 31, 2025, on a going-concern basis, the company is unable to finalize the audited annual report and financial statements for the year ended December 31, 2025, but is committed to doing so as soon as possible,” the acting CEO stated in his address.
According to him, this annual shareholders’ meeting is being held solely to address routine matters, namely the reelection of directors and the renewal of authorizations granted to conduct market purchases of the company’s own shares and to convene annual shareholders’ meetings. All directors will step down at the 2026 general meeting of shareholders and will seek re-election by the shareholders, with the exception of Mr. Vitaliy Lisovenko, who, as previously announced, will resign from the company’s board of directors upon the conclusion of the general meeting.
According to the information, the meeting will propose, among other things, the re-election of Stuart Brown, Mykola Kladiev, Lucio Genovese, and Fiona Macaulay as members of the board of directors.
As previously reported, Ferrexpo has delayed the publication of its audited report for 2025.
It was also reported that the London Stock Exchange (LSE) suspended trading in Ferrexpo shares, while the company twice warned shareholders in the second half of April about the suspension of its listing and trading due to its inability to publish its annual financial statements on time. Most recently, on April 28, Ferrexpo noted that it had received indicative, non-binding expressions of interest from institutional investors regarding a potential capital raise of more than $100 million—on which the publication of the report also depends—but that it would not be able to complete this by the end of April.
Ferrexpo owns a 100% stake in Yeristivsky GZK LLC, a 99.9% stake in Bilanivsky GZK LLC, and 100% of the shares in Poltava GZK PJSC.
OTP Group has reached an important milestone: after four consecutive years of growth, it has made it into the top 400 companies in the world in the Forbes Global 2000 ranking for the first time.
The Forbes Global 2000 ranking identifies the world’s largest publicly traded companies each year. The list is compiled based on four key financial metrics—revenue, profit, assets, and market capitalization—each of which is weighted equally. According to the methodology, separate rankings of the top 2,000 companies are compiled for each metric, and the final ranking is determined by their combined results.
“OTP Group has been ranked among the world’s 400 strongest companies in the Forbes Global 2000—an achievement we have attained together with our colleagues, clients, and partners as a regional banking group from Hungary. OTP Group’s continuous growth confirms the strength of our stable strategy and customer-focused approach. “I would like to thank our colleagues for their efforts, which contribute to our shared success, as well as our customers for their trust, which is the foundation of our outstanding growth,” said Péter Csányi, CEO of OTP Bank.
In 2026, OTP Group ranked among the top 1,000 companies in all categories evaluated by Forbes: 360th in revenue, 313th in assets, 993rd in revenue, and 658th in market capitalization, securing an overall 398th place. This achievement is particularly significant given that four years ago the company was not yet among the top 1,000; since then, its ranking has improved significantly every year.
About OTP Group
OTP Group is one of the most dynamic and leading banking groups in Central and Eastern Europe, with high profitability and a stable position in terms of capital and liquidity. Today, with nearly 40,000 employees across 11 countries in Central and Eastern Europe and Central Asia, the Group provides comprehensive financial services to nearly 17.5 million customers.
As the most active consolidator in the banking sector of Central and Eastern Europe, the Group has successfully acquired and integrated 25 banks since the early 2000s.
OTP Group is headquartered in Hungary and is characterized by a diversified and transparent ownership structure. The banking group has been listed on the Budapest Stock Exchange since 1995.
JSC “Ukrposhta” has signed an agreement with Etsy, one of the world’s largest marketplaces, thereby becoming its official partner, the company’s CEO, Ihor Smilianskyi, announced on Monday.
“Today we completed what we started during our visit to the U.S.: Ukrposhta has signed an agreement with one of the world’s largest marketplaces—Etsy,” Smiliansky wrote on Telegram.
According to him, following the signing, the national postal operator has become Etsy’s verified partner worldwide on behalf of Ukraine.
It is noted that more than 2 million Ukrainian products are sold on Etsy.
The signed agreement provides for a more convenient shipping process for customers; specifically, from now on, shipping and label data will be automatically added during checkout in both the Ukrposhta account and on Etsy.
Among other things, the agreement enables full IT integration between “Ukrposhta” and Etsy, which ultimately makes it possible to sell to any country in the world simultaneously.
‘Ukrposhta’ also clarified that the national postal operator will handle all customs duty calculations (in the U.S. and the EU).
“Thank you to our partners for their trust! This was no simple agreement, and this is the first time a major logistics company in Ukraine has achieved this status,” emphasized the CEO of “Ukrposhta.”
Etsy is an international marketplace specializing in the sale of handmade items, vintage goods, jewelry, and other products.
The state-owned Ukrposhta’s total profit for January–April amounted to 106.3 million UAH, with EBITDA of 122.9 million UAH. The company’s equity reached 2.3 billion UAH without additional budgetary funding.
In January–March 2026, the company reported a net loss of 204.8 million UAH, which is 1.1 million UAH, or 0.5%, higher than in the same period of 2025, while its revenue grew by 1.1% to 13 billion 118.42 billion UAH.
KMZ Industries (Karliv Machine-Building Plant, Poltava Oblast) will install a Brice-Baker grain drying complex for an agricultural producer in Zhytomyr Oblast that is developing its own post-harvest grain processing infrastructure, the plant announced.
“The project involves the installation of a Brice-Baker grain dryer and the necessary conveyor equipment, which will ensure grain transportation and the complex’s uninterrupted operation,” according to a statement on the plant’s website.
KMZ notes that thanks to the new equipment, the farm will be able to dry grain independently, optimize production processes, and reduce logistics costs.
“More and more farmers are realizing that having their own grain dryer means they can be independent of third-party grain elevators. It allows them to independently plan grain drying and shipping schedules, avoid seasonal queues, and avoid rushing to sell the harvest immediately after harvesting, when prices are usually at their lowest,” said Yuriy Musienko, regional manager of KMZ Industries, as quoted in the statement.
KMZ Industries has noted a rise in demand for grain drying complexes among farming operations.
According to the plant, in June it also completed the manufacture and installation of a Brice-Baker grain dryer for a company in the Kirovohrad region that specializes in processing soybeans, sunflowers, and rapeseed.
A key feature of the project was the use of steam as a heat source for drying grain and oilseeds, which allows the grain dryer to be integrated into the enterprise’s existing production processes and maximizes the use of available energy resources.
The scope of delivery included a grain dryer with a dust suppression system, an automated process control system, a power supply system, an axial fan with a noise silencer, and a set of sensors for monitoring temperature and process parameters.
The dryer’s rated capacity when processing different crops is up to 28 metric tons per hour for wheat, up to 16 metric tons per hour for corn, and up to 14 metric tons per hour for sunflower seeds, depending on the initial moisture content of the grain.
“The key challenge in this project was to integrate the new grain dryer into the company’s existing production cycle and ensure efficient operation in tandem with existing equipment. That is why we did not simply supply the equipment, but offered a solution that takes into account the customer’s current technology and its potential for future development,” said Regional Manager Anton Goncharuk, as quoted in the press release.
KMZ Industries is the largest manufacturer of grain storage equipment in Ukraine and produces a full range of products, including silos, grain dryers, conveying equipment, and separators, as well as providing automation and installation services.
According to the company, it has built over 5,000 facilities.
According to data from YouControl, in January–March of this year, the plant increased its net revenue by 70.7% compared to the first quarter of 2025—to 96.7 million UAH—while its loss increased by 23%—to 34 million UAH.
agricultural producer, Brice-Baker, GRAIN DRYER, GRAIN ELEVATOR, KMZ INDUSTRIES
To mark its 25th anniversary, Volyn-Zerno-Produkt LLC (Vilia trademark) launched a seed processing plant with a capacity of up to 12 metric tons per hour in the village of Zvynyache, Lutsk District, Volyn region.
“The new complex, with a capacity of up to 12 metric tons per hour, was created to meet the holding company’s internal needs for seed and to reduce dependence on external suppliers. The project was implemented using technological solutions from the British company Perry and the Danish manufacturer Westrup,” according to a post by Perry on Facebook.
According to the company, the complex provides a full cycle of seed processing, including raw material intake, cleaning, grading, gravity and optical separation, seed treatment, drying, and shipment of finished products. The level of automation allows for up to six processing operations to be performed simultaneously in continuous mode.
It is noted that the complex’s conveyor systems are designed to minimize mechanical impact on the seeds and preserve their germination characteristics.
“Volyn-Zerno-Produkt” was founded in 2001. The company is engaged in grain processing and is part of the “Vilia” agricultural group, which is involved in crop and livestock production, cultivates 19.5 thousand hectares of land, and owns seven grain elevators in the Volyn and Rivne regions.
“Vilia” produces flour, cereals, milk, and meat, and also sells micronutrient fertilizers from the companies “Quantum” and “Reacom.”
In June 2023, Volyn-Zerno-Produkt LLC launched a flour mill with a capacity of 120 metric tons per day for grain processing.
According to the Unified State Register of Legal Entities and Individuals (USR), the ultimate beneficiary of “Volyn-Zerno-Produkt” is Yevhen Dudka.
According to information from YouControl, the company’s revenue in 2025 decreased by 4.8%—to 8 billion 495.3 million UAH—while net profit fell 11.5-fold—to 17.8 million UAH.
Ukraine’s post-war reconstruction will create a massive market for the construction sector, industry, and related sectors; however, Ukrainian companies need to start preparing now to compete with international contractors, according to Andriy Ozeychuk, director of Rauta and chairman of the board of directors of the Ukrainian Steel Construction Center Association.
In his column for The Page, he noted that once the war ends, demand for construction will be significant from the general public, the government, and the business sector alike. According to estimates by the Ministry of Foreign Affairs, there are about 8 million Ukrainians abroad who fled during the full-scale invasion, and the UN forecasts the return of 3–3.5 million people once lasting peace and security guarantees are in place.
According to the expert, a significant portion of those who return, as well as internally displaced persons, will need new housing or the restoration of damaged homes. At the same time, reconstruction will not be limited to the housing stock. According to estimates by the Kyiv School of Economics, residential buildings account for only about one-third of the direct losses from the war, while significant losses were also sustained by transportation and energy infrastructure, corporate assets, industry, and the agri-industrial complex.
Ozeychuk notes that, according to World Bank estimates, Ukraine’s reconstruction will require more than EUR500 billion over the next decade. This is nearly three times Ukraine’s GDP in 2025 and creates significant opportunities not only for the construction sector but also for the entire economy.
In his estimation, every hryvnia invested in construction has a multiplier effect and stimulates 1.5 to 3 times greater growth in related sectors. Examples include the postwar reconstruction of Germany and South Korea, where the construction sector became one of the catalysts for economic growth.
The expert identifies the main sources of funding for large-scale projects as direct financial assistance from international partners—including the G7, the EU, and the U.S.—the attraction of large private investments backed by state guarantees, as well as reparations and confiscated frozen assets of the Russian Federation. Ukraine’s European integration should serve as an additional incentive, as it will eventually open access to specialized EU development funds.
At the same time, Ukrainian construction companies may already face stiff competition from European players. According to Ozeychuk, the most realistic scenario would be a consortium model in which a European general contractor would work alongside Ukrainian subcontractors and use local materials certified to European EN standards.
Under this scenario, foreign companies could be involved in high-tech work, while Ukrainian businesses would handle local logistics, specialized work, and the construction of utility networks, roads, and capital construction projects.
The expert identifies financing conditions as the main barrier for Ukrainian companies. While in Ukraine construction is often carried out using substantial advance payments, the EU commonly uses a post-audit payment model—based on the completion of specific project phases. This requires significant working capital, whereas Ukrainian companies have limited access to low-cost long-term loans.
To level the playing field, Ozeychuk believes the government should launch programs for affordable long-term loans backed by state guarantees, provide preferential financing for the modernization of Ukrainian building materials plants, simplify the adoption of EN standards, and advocate for Ukrainian businesses’ participation in international grant programs.
A separate challenge will be the construction industry’s transition to European design standards. By 2028, the Ukrainian system is expected to fully integrate into the European space and adopt Eurocodes. This will remove some barriers for foreign engineers but will also require Ukrainian specialists to rapidly upgrade their qualifications.
Among the technological trends in reconstruction, the expert cites BIM modeling, digital twins of buildings, energy-efficient solutions, and the concept of net-zero energy buildings. In his assessment, the market will shift toward rapid modular construction, eco-friendly materials, and innovative solutions.
Another key constraint will be a labor shortage. According to Ozeychuk, demobilized military personnel and men returning from abroad will only partially offset the labor shortage. High demand could lead to rising wages in construction, particularly for blue-collar jobs, and could also encourage the retraining of specialists from other sectors, as well as the more active involvement of women, veterans, and older workers.
In addition, Ukrainian companies are already beginning to collaborate with agencies that specialize in the official recruitment of construction workers from South Asian countries, including India, Nepal, Bangladesh, and Pakistan.
Ozeychuk believes that the two main principles of the future reconstruction are speed of implementation and the “Build Back Better” approach—that is, rebuilding to a higher standard than before the destruction. It is precisely these criteria that will determine the demand for modern materials, technologies, and production capacity in Ukraine.
Rauta is a Ukrainian company operating in the field of prefabricated buildings, facade and roofing systems, sandwich panels, and steel construction. The “Ukrainian Center for Steel Construction” Association brings together companies working in the segments of metal structures, building materials, design, and industrial construction.
CONSTRUCTION, Eurocode, INVESTMENT, OZEYCHUK, RAUTA, RECONSTRUCTION
