2016 Full Year Results

2016 FULL YEAR RESULTS

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Who we are

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It is the 6th largest seaborne pellet producer and has been mining, processing and selling high quality iron ore pellets to the global steel industry for over 35 years. Ferrexpo’s resource base is one of the largest iron ore deposits in the world.

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Board of directors

We are fully compliant with the UK Combined Code of Corporate Governance, and have an independent Board of Directors which is responsible for setting and reviewing our strategies and approving major financial items, including the annual budget and business plan.

  • Steve Lucas Steve Lucas Non-executive Chairman

    Date of appointment

    Steve Lucas joined the Board on 19 May 2016 and was appointed Chairman on 28 November 2016.

    Background and experience

    Steve is a Chartered Accountant with long and wide-ranging financial experience as an executive and non-executive director in the energy and extractive industries. He was finance director at National Grid plc from 2002 to 2010 and previously worked for 11 years at Shell and for 6 years at BG Group, latterly as group treasurer. He was a non-executive director of Essar Energy plc from 2012 to 2014.  

    External appointments

    Steve has been a non-executive director of Tullow Oil plc since 2012 and Acacia Mining plc since 2013.

    Committee membership

    Steve is a Chairman of Nominations Committee and a member of  CSR Committee.

  • Kostyantin Zhevago Kostyantin Zhevago Chief Executive Officer

    Date of appointment

    Kostyantin Zhevago joined the Board as a Non-executive Director on 14 June 2007 and was appointed Chief Executive on 1 November 2008. He is ultimately the controlling shareholder of Ferrexpo. He has been a member of the Ukrainian Parliament since 1998.

    Background and experience

    Kostyantin is currently a member of the Parliamentary Committee on Law Policy. From 2002 until 2012 he was a member of the permanent delegation of the Ukrainian Parliament in the Parliamentary Assembly of the European Council and a member of the Ukrainian faction of the Committee for Parliamentary Cooperation between Ukraine and the European Union. He has previously served as chairman of the management board and deputy chairman of the supervisory board of CJSC Commercial Bank Finance and Credit (‘Bank F&C’). Between 1993 and 1996, he was financial director of F&C Group of companies. Until February 2014 he was a non-executive director of New World Resources plc, a subsidiary of CERCL Holdings Ltd (previously BXR Holdings Ltd). He graduated from the Kyiv State Economic University in 1996, specialising in international economics.

    External appointments

    None.

    Committee membership

    Kostyantin is a member of the CSR Committee.

  • Chris Mawe Chris Mawe, FCA Chief Financial Officer

    Date of appointment

    Chris Mawe joined the Board on 7 January 2008.

    Background and experience

    Chris qualified as a Chartered Accountant with Coopers and Lybrand in 1991, having gained a First Class Honours degree in Engineering. He has held senior financial positions for the past 16 years, first with IMI plc in both the UK and Europe, and then with Carclo plc as finance director. Before joining Ferrexpo he was finance director of UK Coal plc.

    External appointments

    None

    Committee membership

    None

  • Oliver Baring Oliver Baring Senior Independent Non-executive Director

    Date of appointment

    Oliver Baring joined the Board on 1 December 2007.

    Background and experience

    Oliver was chairman of Mwana Africa plc from its reverse takeover of African Gold plc in September 2005 until August 2013. He retired from UBS Warburg in 2001, having led the International Mining Group with responsibility for Africa and Europe. Previously he had been head of the UBS Warburg mining equity sales team and was responsible for its respected coverage and sales capability. He was a partner in Rowe and Pitman before its merger with SG Warburg.

    External appointments

    He is the non-executive chairman of Sumin Resources Limited and of First Africa Holdings Limited, and is a member of the Advisory Council of Sentient Resources Fund.

    Committee membership

    Oliver is  a member of the Audit, Nominations and Remuneration Committees.

  • Sir Malcolm Field Sir Malcolm Field Non-executive Director

    Date of appointment

    Sir Malcolm joined the Board on 10 March 2016.

    Background and experience

    Sir Malcolm has extensive executive and non-executive experience in organisations including WH Smith, MEPC, The Civil Aviation Authority, HMSO and Odgers Berndtson. Sir Malcolm was a non-executive director of Petropavlovsk PLC from 2003 to 2015.

    External appointments

    Sir Malcolm is currently a non-executive director of Hochschild Mining PLC.

  • Mary Reilly Independent Non-executive Director

    Date of appointment

    Mary Reilly joined the Board on 27 May 2015.

    Background and experience

    Mary Reilly is a Chartered Accountant and a former audit partner of Deloitte LLP, where she worked with a range of industrial and charitable organisations for nearly 40 years prior to retiring in 2013. Between 2002 and 2013, Mary ran Deloitte’s Outsourcing Unit offering payroll, accounting and back office services to multinational clients; and was the London Audit Practice’s Corporate Responsibility Leader and a member of the Advisory Committee of the Board from 2008 to 2013 responsible for CSR and environmental issues. From 1994 to 2002 Mary was an audit partner, divisional Head with HR responsibility and strategy development with Arthur Andersen.

    External appointments

    Mary is a Non-Executive Director and the Chair of Audit Committee of Travelzoo INC; and chairs the Audit and Risk Committees of the UK Department of Transport and of Crown Agents Ltd.

    Committee membership

    Mary is the Chairman of Audit Committee and a member of Remuneration Committee.

  • Bert Nacken Independent Non-executive Director

    Date of appointment

    Bert Nacken joined the Board on 1 August 2014.

    Background and experience

    Bert obtained a PhD in Chemistry at Aachen University (Germany) before joining Shell/Billiton Research BV in the Netherlands as a metallurgist. In a career spanning 34 years at Billiton and then BHP Billiton, he worked in various operational and management roles throughout the world, notably as President of the Cerro Matoso ferro-nickel operation in Colombia (1997-2001), as President of the Minera Escondida copper mine in Chile (2004-2007), and most recently as the Chief Operating Officer of BHP Billiton Western Australia Iron Ore (2009-2011). Since 2011 he has worked as a consultant to a number of mining companies.

    Committee membership

    Bert is a Chairman of Remuneration Committee and a member of Audit and CSR Committees.

  • Vitalii Lisovenko Independent Non-executive Director

    Date of appointment

    Vitalii Lisovenko joined the Board on 28 November 2016.

    Background and experience

    Vitalii is currently a non-executive advisor to the Minister of Finance of Ukraine, having previously served as an executive counsellor to the Minister of Finance. He has spent most of the past 20 years involved in government finance, developing particular expertise in debt negotiation. He has also worked in the private sector, on the executive boards of Ukreximbank (Ukraine) (2006-10) and Alfa Bank Ukraine (2010-14), and was also a Non-executive Director of Amsterdam Trade Bank (2013-2014). In 2005 he served as the head of the Trade and Economic Mission at the Ukrainian Embassy in London. In 1994 Vitalii graduated from the Kyiv State Economic University, where he later obtained a PhD in Economics. He has been an Associate Professor of Finance at the University since 2010 and has produced a number of research papers and other publications.

    External appointments

    He has been a Non-executive Director of Black Sea Trade and Development Bank (Greece) since 2014, having formerly worked there as an Executive Vice President from 2002 to 2004.

    Committee membership

    Vitalii is a member of Audit, CSR  and Remuneration Committees.