Interview: Ferrexpo Meet the Team
When you did you join Ferrexpo?
I joined Ferrexpo AG a little over three years ago during the summer of 2022 – just five months after the full-scale invasion of Ukraine.
How did you begin your career in Ferrexpo?
After more than a decade living in Manchester, and following Brexit, I decided that I wanted to relocate to Switzerland, in particular to Canton Zug where my brother had already been living for a number of years. While researching different opportunities, Ferrexpo stood out. They were looking for a Group Financial Accountant, a role offering broad exposure across the business, with interaction across different finance teams and stakeholders. Ferrexpo also stood out since it is listed on the London Stock Exchange and the reporting is under IFRS, both which are aligned well with my previous experience in the UK. It was also an added benefit that Zug is such a beautiful part of the world; it was tempting to think that I could swap my commute through Manchester for one that goes past mountains and lakes.
What inspired you to pursue a career in the metals and mining industry; and specifically, why Ferrexpo?
Mining was totally new to me, but I wasn’t worried about joining a totally new industry as I had previous experience in diverse sectors, including logistics, recruitment, retail, and manufacturing. Accounting techniques and procedures are transferable between different sectors, when applying the same set of standards, IFRS. Nevertheless, there are differences when you dig into the industry the specifics, for example the C1 costs in mining, which are the direct cash costs of producing a unit of the iron ore products we sell.
Also, with mining, there is a global aspect to it, it’s not just about extraction and processing, but also the logistics and selling to a global customer base. This is a complex yet interesting process which isn’t always the case in other sectors. We price on global indices and there are complex shipping logistics. Despite the ongoing war in Ukraine, I’ve always had confidence in Ferrexpo’s ability to adapt and deal with the challenges it faces. It has been an incredible three years.
Do any of your relatives also work in the mining industry?
No, I don’t have any relatives in the mining industry, but my father leads a construction industry federation of businesses in Romania.
What advice would you give to young people looking to start a career in the mining industry and advance to management positions?
My advice is to take a long-term view of their career: decide where you want to be, understand what education and certifications are needed, and gain the right experience. I’ve also learnt to be open to opportunities, learn from setbacks, and keep growing. For those entering mining, I recommend first learning the fundamentals of the industry - its terminology, processes, and specific job requirements. Iron ore mining is fundamental to modern life, as it produces the raw materials required for steel production, which is a key material in the construction industry. In addition, Ferrexpo as a mining company, is clear on its ESG commitment of reducing its Scope 1 and 2 emissions by 50% by 2030.
What are your main activities at Ferrexpo?
By reviewing and controlling the accuracy, completeness, and timeliness of the Group submissions, I prepare the Group consolidation and reporting of financial results based on submissions from 30 entities across multiple jurisdictions. This involves reconciling key financial statements such as the Income Statement, Balance Sheet and Cash Flow - as well as detailed reconciliations on production costs, stock movements, and tax.
What do you think is unique about Ferrexpo?
As a European company, we not only hold significant mineral reserves but are also uniquely vertically integrated - covering the entire value chain from iron ore mining through to concentrate and pellet production, with the added capability of delivering to customers by rail, barge, or sea. What makes this especially interesting for me, as a group accountant, is having visibility across that full value chain. Few mining companies operate such a complete, integrated model, and it’s this end-to-end perspective that makes Ferrexpo stand out.
How have the company and your colleagues shown resilience during wartime?
I joined the company only five months after the full-scale invasion of Ukraine. What I can say, is that Ferrexpo always finds solutions to challenges, and I believe that we have navigated through the war as best we can as a company. Whether this means providing support to our colleagues serving in the Armed Forces of Ukraine, or those returning as veterans. The business has adapted its supply chains and responded to customers by evolving the type of products we supply. I believe that when the war ends, we will bounce back and return to full capacity.
Even from my desk in Switzerland, I can see that Ferrexpo has adapted quickly to major supply chain disruptions. With Ukrainian ports closed until late 2024, the Group switched to a more complex and costly route via rail to the Danube port of Ismail in Ukraine, barges on the Danube, and shipping from Constanta in Romania. We have been able to resume transport via Ukrainian ports since then, albeit with higher insurance premiums covering the war risk. The Group also adjusted production to match demand. Within the finance team, we adapted to shifting reporting deadlines while supporting our colleagues in Ukraine wherever possible.
I haven’t had the opportunity to visit our operations in Ukraine yet, but I am looking forward to the day when I can visit and meet my colleagues in person rather than over online meetings. And maybe share a beer!
What are your ambitions at work and outside of work?
I’ve always been interested in a career in a finance. Growing up in Romania, my father and my uncle used to run the family business in the construction industry, so I’ve always been exposed to the world of business and networking, witnessing first-hand how they navigated business cycles. I enjoyed early work experience with them helping to set up their online shop while I was still in high school and I was inspired to study business and finance in the UK, following in their footsteps.
At work, I continue developing as a finance leader, broadening my expertise in group reporting and controlling.
Outside of work, I am very interested in ancient history. As an example, I recently took part in an archaeology dig back in the UK, where I was helping to uncover new discoveries at a Roman villa in Oxfordshire. I’ve heard that Ferrexpo runs a museum in Horishni Plavni and I’m keen to meet with Mykola Stakhiv, the Museum Curator to learn about the preserved Neolithic fragments.
And aside from history, I must say that I also enjoy sportscars, including a recent supercar driving experience at Silverstone which I recommend to any car enthusiast! I can confess that I clocked a non-Neolithic 230 kilometres per hour.