Last checked at 6 Oct 2021 07:00
6 October 2021
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Production Report for 3Q 2021
Summary:
· Total iron ore pellet production increases 2% year on year to 2.6 million tonnes ("MT"), reflecting strong production performance following pelletiser upgrade work completed in previous quarters.
· Production volumes 9% lower on a quarter on quarter basis as a result of pelletiser upgrade work completed during the quarter, and planned pelletiser maintenance in September 2021.
· Upgrade work on the Group's fourth pelletiser line completed during September 2021.
· High grade iron ore (grading 65% Fe or above) representing 100% of production in 3Q 2021 (3Q 2020: 100%).
· Proportion of higher grade (67% Fe) direct reduction pellets increased to 8% of total pellet production during the period, compared to 3% in the prior period, reflecting the Group's continuing expansion into this market.
· Further 85kt of high grade (67% Fe) commercial concentrate production, reflecting the Group's recent investment in its concentrate stockyard project (3Q 2020: nil).
Jim North, Interim Group Chief Executive Officer, said:
"I am pleased to report our continued progress in terms of product quality and product volumes, with upgrade work completed on the pelletiser during the quarter. Through continued investment in the Group's concentrator and pelletiser facilities, we are creating a platform for future growth in product volumes, whilst simultaneously increasing the overall grade of our production."
(000' tonnes, unless stated otherwise) | Product Grade | 3Q2021 | QoQ(vs 2Q 2021) | YoY(vs 3Q 2020) | YTD (9M2021) | YoY(vs 9M 2020 |
Total commercial production(comprising pellets & concentrate) | 2,680 | (9%) | +6% | 8,393 | +3% | |
Pellet production |
| 2,596 | (9%) | +2% | 8,158 | +0.3% |
Pellet production comprised of: |
| |||||
o Direct Reduction ("DR") Pellets | 67% Fe | 195 | +130% | - | 330 | +76% |
o Ferrexpo Premium Pellets | 65% Fe | 2,401 | (13%) | (5%) | 7,829 | (0.3%) |
o Ferrexpo Basic Pellets | 62% Fe | - | - | - | - | (100%) |
Commercial concentrate production | 67% Fe | 85 | +0.2% | - | 234 | - |
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. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for over 40 years. In 2020, the Group produced 11.2 million tonnes of iron ore pellets, a 7% increase on the prior year. The Company is ranked as the world's 3rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. Ferrexpo has a premium listing on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com.