(Alliance News) - Ferrexpo PLC on Friday said it signed a memorandum of understanding to further green steel cooperation amid shareholders voting to remove board member Vitalii Lisovenko.
The Baar, Switzerland-headquartered company is a producer iron ore pellets in Ukraine for use in low-carbon steel production.
Expanding on an existing partnership, Ferrexpo signed a memorandum with a Salzgitter AG subsidiary agreeing to supply the German steel maker with pellets for its operational decarbonisation programme due to be complete in 2033.
As part of the agreement the two firms will also seek to identify the most suitable raw material feed strategies for hydrogen-based steel production and determine ways to bring about greener supply chains as well as freight and inventory management.
In other news, at the company's annual general meeting on Thursday, shareholders rejected the resolution to re-appoint Lisovenko as non-executive directors by 53%.
It follows a 2021 decision by shareholders to oust him before the ruling changed after a second vote.
Again, at last years meeting he narrowly clung on to his position with a large proportion of votes cast against him.
Lisovenko, who joined the board in 2016, will remain a member for up to 120 days until a decision on whether or not to hold a second vote is made.
Ferrexpo shares were down 1.2% to 44.35 pence each in London on Friday morning.
By Elijah Dale, Alliance News reporter
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Ferrexpo (FXPO)