Further to the Group’s announcement yesterday morning, Ferrexpo plc (LSE: FXPO), the world's 3rd largest exporter of high grade iron ore pellets to the global steel industry, hereby provides an update on its operations in Ukraine.
Export activities at the port of Pivdennyi, located in southwest Ukraine, where the Group’s berth is located for shipping pellets to customers, have been temporarily suspended following notification from the port authorities. As a result, the Group’s marketing department has issued force majeure notices to certain customers that were due to receive the Group’s products via oceangoing vessel in the near term.
The Group’s mining and processing operations, which are located adjacent to the city of Horishni Plavni in central Ukraine, continue to operate. The Group has the ability to stockpile its iron ore pellets at site, whilst Ukraine’s logistic networks continue to experience disruption.
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.
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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.