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 that the Board of Directors (“Board”) has approved an increase in the level of funding for the Ferrexpo Humanitarian Fund (“Fund”) to US$12.5 million, representing an increase of US$5 million on the previously announced total.
The decision to approve additional funding has been made to ensure that the Group’s management team is able to continue to respond in an effective and timely manner as the humanitarian crisis unfolds in Ukraine, with assistance being provided to communities across the country.
More recent projects that the Group has assisted through the Fund, as well as additional funding via the Group’s operating subsidiaries, have included the following:
Social support for communities: the purchase of power generators, fuel, water tanks, and food supplies;
Medical support: purchasing of ambulances for hospitals, as well as equipment for the treatment of wounds;
Support for refugees: renovation work and provision of facilities in local communities that are being used for accommodation;
Logistics support: assisting in the delivery of humanitarian goods from Europe to Ukraine, and the relocation of animals from zoological parks in eastern Ukraine; and
Supporting local authorities: the purchase of electronic equipment to assist in documenting the damage being inflicted on communities across Ukraine.
Jim North, Chief Executive Officer of Ferrexpo commented:
“Our efforts through our Humanitarian Fund are focused on providing direct and relevant financial support to a number of initiatives as we become aware of them, utilising our experience of operating in Ukraine, and our wide and diverse business network to source goods and services for those in need. The nature and scope of the projects requiring assistance varies from day to day, and we are proud to be able to support communities across Ukraine at this difficult time.”
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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.