Last checked at 14 Mar 2022 07:00
14 March 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Ferrexpo Expands Funding for Humanitarian Fund to US$7.5 Million
Ferrexpo plc (LSE: FXPO), the world's third largest exporter of high grade iron ore pellets to the global steel industry, with operations in central Ukraine, announces that it has increased the level of approved funding for its Humanitarian Fund ("the Fund"), to US$7.5 million to provide further support to local communities close to the Group's operations, as well as broader support for communities throughout Ukraine.
Following the announcement of the establishment of the Fund on 7 March 2022, the Group has been made aware of further projects and initiatives to support the humanitarian relief effort within Ukraine and the Group's Board of Directors has moved to quickly increase the Fund's approved budget accordingly. Examples of projects that sit within the Fund's activities include the Group's efforts to coordinate the supply and distribution of food packages, the sourcing of basic medical supplies for local hospitals and medical facilities and the provision of meals for local residents of communities surrounding to the Group's operations. The situation in Ukraine is rapidly evolving and the Fund is intended help enable the Group to react quickly to meet the increased needs of Ukraine and our workforce and their families at this difficult time. Further details of the initiatives covered by the Fund to date can be found on the Group's website here.
Ferrexpo's priority remains the safety of its workforce and local communities, and the Group is working to tackle the humanitarian crisis that is emerging across Ukraine.
For further information, please contact:
Ferrexpo: | ||
Rob Simmons | r.simmons@ferrexpo.ch | +44 207 389 8305 |
Tavistock: | ||
Jos Simson Gareth Tredway | ferrexpo@tavistock.co.uk | +44 207 920 3150 +44 7785 974 264 |
About Ferrexpo:
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange in the FTSE 250 index (ticker FXPO). The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group's iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 40 years and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world's 3rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. The Group has a global customer base comprising of premium steel mills around the world, which includes steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. For further information, please visit www.ferrexpo.com.