Last checked at 11 Oct 2022 07:00
11 October 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, with operations in central Ukraine, provides the following update on its operations in the wake of a number of Russian missile strikes across Ukraine yesterday. The Group has received confirmation that no members of its workforce have been injured as a result of yesterday's attacks, and the Group continues to implement measures to protect the safety and wellbeing of its team.
As a result of these missile strikes, state-owned electrical infrastructure, which is located outside of the Group's operations, has been damaged. Limited power supply is available at the Group's operations, which is being prioritised for critical equipment required for essential services and local communities. Consequently, production has been temporarily suspended at the Group's operations. Engineers are currently conducting an assessment of the damage incurred to electrical infrastructure, and an estimate of the period of production downtime as repairs are carried out.
The Group can confirm that it currently has a sufficient volume of its products, either currently in transit and or in stockpiles, to meet its expected sales volumes, subject to logistics corridors remaining available to the Group. The situation is developing and the Group will update the market further, as appropriate.
Jim North, Chief Executive Officer of Ferrexpo commented:
"At Ferrexpo, since the start of Russia's invasion of Ukraine in 2022, our first priority has always been our people, and we are working to ensure the safety of our team in Ukraine. The events of yesterday have resulted in significant damage to major cities across Ukraine, as well as a power outage at our operations and local communities. We are working to ensure that power is provided in critical areas, both within our facilities and in local communities, in order to support the safety of our workforce and community members."
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.