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Ukraine's Ferrexpo cuts December production forecast after power shortages

Reuters - UK Focus

LONDON, Dec 22 (Reuters) - Ukrainian iron ore miner Ferrexpo cut its December production outlook on Monday due to lower electricity supply during peak demand hours.

The group, majority owned by Ukrainian billionaire Kostyantin Zhevago, said this month's total pellet production was expected to be 140,000 tonnes lower than previous estimates.

Ukraine has been hit by an electricity supply crisis on the back of a shortage in thermal coal stocks at its power stations.

If the power supply situation remains unchanged into the first quarter of 2015, Ferrexpo (LSE: FXPO.L - news) said it would focus on production of its 65 percent Fe premium pallets and on meeting its long-term supply contract obligations. (Reporting by Karolin Schaps; editing by Kate Holton)