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Ferrexpo may reduce production and sales amid VAT refund suspensions-壓鑄展-鑄造展-2025第二十五屆廣州國際壓鑄、鑄造及工業爐展覽會-巨浪展覽-The 25th China(Guangzhou) Int'l Die casting Foundry & Industrial Furnace Exhibition
3/31/2025 壓鑄展-鑄造展- Die-casting expo-foundry expo |
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Against the background of the decision of the Ukrainian tax authorities to suspend VAT refunds for January2025 to the amount of UAH 512.9 milion ($12.4 milion), Swiss-headquartered iron ore miner Ferrexpo, whosemain interests are in Wkrainian iron ore assets, has stated that the suspension puts additional financial pressureon the company, forcing it to reduce production and sales.Without VAT refunds, Ferrexpo said it is forced to reduce the scale of its business to only 25 percent of its fulproduction capacity, putting thousands of jobs at risk, forcing the company to stop any future investments inUkraine, and halving its purchases of goods and services in Ukraine, which will put local companies that dependon Ferrexpo at risk.
The company has called on the Ministry of Finance and the State Tax Service of Ukraine to take urgentmeasures to restore VAT refunds. "instead of forcing Ferrexpo to reduce its business, the authorities shouldpromote its growth so that the company can further support the Ukrainian economy," the statement said.
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