Ferrexpo has been compelled to shut down two of its three pelletizing lines due to the suspension of VAT refunds by Ukrainian tax authorities. This action has significantly impacted the company's liquidity, leading to reduced production and salary payments.
The company's CFO highlighted that the suspension of VAT refunds has also led to a decrease in social spending and potential tax revenues. Ferrexpo is actively engaging with Ukrainian authorities and international bodies to resolve the issue and alleviate the financial strain on its operations.
The situation underscores the challenges faced by businesses operating in Ukraine amid regulatory uncertainties, with Ferrexpo considering international arbitration to address the dispute.
Vietnam Steel by Hoa Sen Group
