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1 Nov 2022 07:00
1 November 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Operations Update
Ferrexpo plc (LSE: FXPO), an exporter of high grade iron ore pellets to the global steel industry, announces that following the Group's press release on 11 October 2022, announcing a temporary suspension of production as a result of Russian missile strikes on state-owned electrical infrastructure, repair work has now sufficiently progressed to allow for the partial resumption of production activities at its operations in central Ukraine.
The supply of power to the Group's operations, however, remains variable and limited, which has an impact on the cost effectiveness of production. As a result, the Group is currently focused on drawing down on its stockpiles of finished iron ore products to maintain supplies to its customers, and the ability to utilise such stockpiles has ensured a consistent supply to customers since the events referenced above. The Group can confirm that it has sufficient stockpiles to meet customer demand.
For further information, please contact:
Ferrexpo: | ||
Rob Simmons | r.simmons@ferrexpo.ch | +44 207 389 8305 |
Tavistock: | ||
Jos Simson Emily Moss Gareth Tredway | ferrexpo@tavistock.co.uk | +44 207 920 3150 +44 7785 974 264 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. The person responsible for making this notification is Mark Gregory, Company Secretary.
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 50 years, and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world's third 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.
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