Ferrexpo plc

Nearly all revenue comes from selling physical pellets and concentrate, recognized once ownership passes to the buyer at an agreed delivery point, with a much smaller share coming from separately selling freight and logistics services as those services are performed. There is no subscription, royalty or interest income in its own account: this is a business paid for delivering a physical good, plus a secondary charge for moving it.

In its own account, how much it can convert and sell is set by how many of its processing lines it can run at once, which depends on available power, input costs and how much product it can move out, not by how much steel mills would buy. It has previously paused a planned expansion of processing and transport capacity in response to external conditions, showing that growing this plant depends on more than the economics of the plant itself.

The company depends on mines, processing plants and transport routes it operates within Ukraine, on outside suppliers for energy, including imported electricity when the domestic grid is disrupted, and on external firms for processing equipment used in expansion work. CompanyGraph's mapping of upstream and downstream industries shows it drawing from more industries than it in turn supplies, consistent with sitting nearer the start of the material chain than the end.

A small number of undisclosed customers account for most of its revenue, and in its own account the company says it cannot meet all the demand it receives, so it allocates available volumes among buyers rather than pursuing additional sales. Those steelmaking customers in turn supply sectors such as vehicles, household goods, construction and renewable-energy equipment, and CompanyGraph's mapping shows the company supplying fewer industries downstream than it draws from upstream.

In its own account, the company names long-life deposits, owning every step from mine to finished pellet, and operating its own rail, barge and ship transport as what sets it apart, though CompanyGraph cannot confirm rivals lack the same combination. A large number of other producers elsewhere run under the same throughput-capped economics, so the basic shape of this business, mining ore and converting it into pellets, is common even if this particular mix of assets has not been shown to be.

In its own account, the company describes long-term contracts with some customers that are renewed or extended rather than re-bid from scratch as they near expiry, and it reports meeting its obligations under contracts running more than a year without gaps. Its disclosures do not explain what makes switching away costly for a customer, so CompanyGraph can describe the pattern of renewal but not the underlying reason for it.

In its own account, what limits how much the company can convert and sell is not customer demand but its ability to run its processing lines and move product out, both of which it ties to power availability, the state of its transport routes, workforce availability including mobilization, and how much cash it has on hand. It names these as the forces that have pushed it to run fewer processing lines than it has built.

In its own account, the company reports a concentrated exposure: a small number of customers account for most of its revenue, and all of its mines and processing sit in one country currently affected by war. It names sanctions on its controlling shareholder as having interrupted tax refunds it relies on for liquidity, serious enough that it has described this as capable of affecting its ability to continue as a going concern, a liquidity concern that sits alongside a balance sheet that, by conventional debt measures, has grown steadily less leveraged over the same years.

In its own account, the company lists war conditions and country risk in Ukraine, together with counterparty risk, ahead of market pricing, safety and operating-cost risk, and it discloses contested legal proceedings over royalties, mineral extraction and a minority-shareholder dispute. It also names sanctions placed on its controlling shareholder personally, which it says have disrupted tax-refund flows and liquidity, and a currency mismatch between the dollars it reports in and the local currency its Ukrainian units use.