Back
Automatically translated version. May contain inaccuracies compared to the original.
The Ferrexpo Plc mining and metals company, which is currently trying to stave off bankruptcy, has found itself at risk of multi-million tax collection.
This is reported by Delo.ua, citing Bloomberg data.
Ukraine's tax authorities are considering a penalty of about 35,3 billion hryvnias, which is roughly 788 million dollars.
The penalty concerns the Poltava Mining and Processing Plant, which is a key subsidiary of the company.
The authorities attribute this step to allegedly non-compliance with government currency controls.
Accumulating problems and production stoppage
Ferrexpo representatives say that the tax authorities’ notice came as a result of an off-schedule internal documents review conducted without an on-site audit.
In its official statement, the company emphasizes that the tax authorities did not take into account important factual circumstances of the case when forming conclusions, and therefore the charges are considered unfounded.
Since the full-scale Russian invasion of Ukraine began, Ferrexpo has been under constant operational and financial pressure.
The enterprise routinely faces logistical disruptions and numerous court proceedings. The situation became critical, as the company recently announced a forced halt to iron ore production in Ukraine, and the company’s cash resources will last only until mid-September.
Plans to appeal the decision
The Poltava Mining and Processing Plant has already sent official objections to local authorities in response to the latest tax report.
If this complaint is upheld, the conclusions of the review could be fully reconsidered.
If the tax authorities decide on the final assessment of the penalty, Ferrexpo intends to defend its position and appeal this decision in the manner prescribed by law.
About Ferrexpo
Ferrexpo Plc is a Swiss-based company in the mining industry, specializing in the extraction and processing of iron ore, with billionaire Konstantin Zhevago as its largest shareholder.
Ferrexpo produces and exports iron ore products to steel plants around the world.
The company is registered in the United Kingdom, has an operational center in Switzerland, and its main production assets are located in Ukraine. The company owns 100% stake in LLC “Yeristivsky GZK,” 99,9% in LLC “Bilansky GZK,” and 100% of the shares of "Poltavsky GZK" JSC.
In February 2026 year, the Poltava Economic Court 24 of February opened a bankruptcy proceedings case for the Poltava Mining and Processing Plant, one of Ukraine’s largest iron ore producers.
Also, Ferrexpo announced the sale of its transshipment vessel Iron Destiny. The deal amount is 7,7 million US dollars in net cash.
29 July, the Poltava Mining and Processing Plant (PGZK), the company’s primary production asset, temporarily suspended operations. The main reasons for the forced shutdown were a sharp liquidity shortage, halt of maritime routes, and port blockades.
Document: PDF proof of the original version of the news item "Ferrexpo загрожує штраф у майже $800 млн: податківці висунули претензії Полтавському ГЗК". It records the publication content at the moment of the first scan, the preservation date and the source: Delo.ua.
