Ferrexpo PLC's Executive Chair, Lucio Genovese, has expressed gratitude to all those associated with the company for their contribution and support over the past year. Despite the ongoing war in Ukraine, the company's assets remain intact and operational thanks to the heroism of Ukraine's defenders and the resilience of its employees and local communities. The company's top priority is to keep its employees safe and provide them with the necessary support during this critical moment in Ukraine's history.
The company mourns the loss of 34 employees who died in action defending Ukraine and acknowledges the 754 Ferrexpo employees currently serving in the armed forces. Jobs are being kept open for these employees, and support will be provided to their families. The company also plans to support veterans with reintegration into civilian life when they return to the workplace.
The main challenge faced by Ferrexpo this year has been the limitations on logistics corridors, which have forced the company to limit production levels. The lack of access to Black Sea export routes has significantly reduced opportunities to ship product volumes to the Middle East and Asia. However, there have been recent examples of other exporters using a route through certain Black Sea ports, and Ferrexpo plans to resume this export route and start up an additional pellet line if sufficient volumes can be consistently exported through this route in a reliable, safe, and cost-effective manner.
Despite the challenging situation, Genovese believes that the company has performed exceptionally well and that everyone involved should be proud of their achievements. He thanks the employees and local communities for their bravery and resolve in the face of adversity.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange.