Ferrexpo PLC, a producer of premium iron ore pellets, has released its production report for the fourth quarter and full year to the end of December 2023. Despite challenges, the company reported fourth quarter iron ore production of 677 thousand tonnes and a total of 4.1 million tonnes for the year. The company has been able to adapt its production mix to match customer needs and produce high-grade pellets as well as pellet feed, while also treating material from a third party.

The company has faced challenges due to the ongoing conflict in Ukraine, with 14 employees serving in the Ukrainian Armed Forces having died, and 754 colleagues currently serving. Despite the difficulties, Ferrexpo has retained the majority of its workforce and plans to start up an additional pellet line and resume exports via Black Sea export corridors when it is safe and cost-effective to do so.

Ferrexpo has remained committed to the safety and wellbeing of its workforce and has reported a rolling 12-month Lost Time Injury Frequency Rate (LTIFR) of 0.39, below the historic five-year trailing average of 0.69, with zero fatalities reported for the third consecutive year. The company has also maintained a stable production, focusing on the production of higher grade pellets, all graded 65% Fe or above.

The Group's net cash position as of 31 December 2023 was approximately US$109 million, with minimal lease obligations and no debt. Despite logistic constraints and lower market demand in the early part of the quarter, the company has continued to produce, transport, and sell its products. The recent success of Ukraine in opening up Black Sea export corridors has provided opportunities for the company to resume exports and improve its business outlook.

In conclusion, Ferrexpo's ability to adapt to challenging circumstances, its commitment to workforce safety, and the potential for improved demand and higher prices bode well for the company in the year ahead.

For further information, please contact:
Ferrexpo:
Nick Bias
[email protected]
+44 (0)207 389 8305 / +44 (0)7733 177 831
Tavistock:
Jos Simson
Gareth Tredway
[email protected]
+44 (0)207 920 3150 / +44 (0)7899 870 450