Ferrexpo plc (LSE: FXPO), producer of premium iron ore pellets for the transition to lower carbon and green steel is pleased to announce an interim dividend of 3.3 US cents. The Group performed well in the second half of 2023, production optimisation together with an improved pricing environment has allowed the Board to consider an interim dividend. The Group has also approved a salary increase and bonus payment for its workforce in Ukraine as well as continued expenditure under its humanitarian fund.
Commenting on the announcement, Lucio Genovese, Executive Chair said:
"We exceeded our expectations in 2023 thanks to improved demand, production optimisation and higher iron ore prices. After paying taxes, maintenance and expansion capital, our year end financial position is stronger than at the start of the year. The new year has also started well for the iron ore industry with signs of an increase in pellet demand, providing the confidence to restart a second pellet line to meet export demand.
The Group remains committed to supporting all stakeholders in Ukraine, the Poltava region and the local communities where it operates. We are pleased to announce that we are providing a bonus payment and wage increase for our Ukrainian workforce and will continue to spend under the Company's humanitarian fund for 2024."
The interim dividend announced today will be paid on 23 February 2024 to shareholders on the register at the close of business on 26 January 2024. It will be paid in UK Pounds Sterling, with an election to receive in US Dollars.
Link to full PDF version of this release: click here.
For further information, please contact:
Jos Simson / Gareth Tredway
+44 207 920 3150 / +44 (0)7899 870 450
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 converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years. Before Russia's invasion of Ukraine in February 2022, the Group was the world's third largest exporter of pellets to the global steel industry. 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.