Ferrexpo plc (LSE: FXPO), the world's third largest exporter of high grade iron ore pellets to the global steel industry, with operations in central Ukraine, announces the creation of a Humanitarian Fund (“the Fund”), for the Group to provide direct support for local communities surrounding the Group’s operations and in Ukraine.
An initial US$1.5 million has been allocated to the Fund, following the Russian invasion of Ukraine, and projects are being coordinated by Ferrexpo’s management team in Ukraine, who are working closely with local community leaders, as well as local and national government. The Group is continuing to monitor developments and will respond as appropriate with additional funding.
The Fund has already deployed resources toward the local sourcing of food with a long shelf life, restocking of equipment and basic materials such as blankets for shelters in residential areas and emergency medical supplies for local hospitals and medical facilities. Funds are being deployed on a daily basis to support the quickly changing situation in the country.
Ferrexpo’s priority remains the safety of its workforce and local communities, and the Group is working to tackle the humanitarian crisis that is emerging across Ukraine.
Jim North, CEO of Ferrexpo commented:
“Our Humanitarian Fund is one of many initiatives we are embarking on to support Ukraine during this distressing period. The Fund is an important part of our emergency response to the humanitarian needs of our local communities at this difficult time. In addition, we are providing support in many areas, with accommodation available to those seeking refuge from other parts of the country, and we have implemented measures to support our workforce of more than 10,000 people, including but not limited the advance of salaries and paying taxes, a newly established centre at our operations to provide 24 hour child care, and the provision of psychological support to employees. This is an incredibly difficult time and I would like to thank our entire workforce for their united effort in finding ways to support our local communities and Ukraine.”
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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.