Further to the Group’s recent operational updates in relation to the ongoing situation in Ukraine, Ferrexpo plc (LSE: FXPO), the world's 3rd largest exporter of high grade iron ore pellets to the global steel industry, hereby provides the following updates.
Corporate Update
Given the ongoing incursion by Russian armed forces into the territory of Ukraine, the Group’s Board of Directors has decided to delay the publication date of its full year results, which were previously scheduled for publication on 16 March 2022. This decision has been made due to the ongoing conflict in Ukraine, which is requiring significant management attention and therefore impacting on the usual internal processes for preparing the Group’s full year results. The additional time provided by this delay will allow the Group to consider the full impact of these events on the accounts, and will provide more time for the Group's independent auditor to carry out its own audit procedures, some of which will be impacted by the current situation in Ukraine.
At the present time, given the uncertainties surrounding the situation in Ukraine, the Group is not in the position to provide a date as to when the Company’s full year financial accounts for 2021 will be published.
Logistics Update
The situation in Ukraine remains complex and changeable. The Group is aware of reports of the Ukrainian railway network providing limited capacity to its freight customers, and the Group can confirm that it has dispatched a proportion of its production to the western border of Ukraine to customers in Europe. It remains unclear as to the ongoing availability of railing capacity and, if available, the quantity of pellets that the Group may be able to deliver to its European customers.
The Group’s continued primary focus remains the safety of its workforce in Ukraine. Further updates will be made as and when appropriate.
Link to full PDF version of this release: click here.
For further information, please contact:
Ferrexpo:
Rob Simmons
[email protected]
+44 207 389 8305
Tavistock:
Jos Simson
+44 207 920 3150
Gareth Tredway
+44 7785 974 264
[email protected]
Notes to Editors:
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 40 years and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world’s 3rd 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.