RCS - Ferrexpo plc - End of Year Letter

FerrexpoAnnouncement

28/12/2023 16:30

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RNS Number : 1082Y  Ferrexpo PLC  28 December 2023

Ferrexpo plc
 
Lucio Genovese, Executive Chair, Ferrexpo plc
End of year letter

 

 

Baar, Switzerland

28 December 2023

 

 

As we reach the end of a second year of war, I would like to express my
gratitude to all those associated with Ferrexpo for their contribution and
continued support over the past 12 months.

Thanks to the heroism of Ukraine's defenders and the resilience of our
employees and local communities in which we operate, the company's assets
remain intact and operational.

Together, we have continued to seek to preserve Ferrexpo's underlying value as
well as the company's significance for the Ukrainian economy.

Our top priority is still to keep our employees safe and provide them as far
as we reasonably can with the support they need at this critical moment in
Ukraine's history.

We bow our heads in memory of our 34 employees who died in action to defend
Ukraine. May they rest in peace and be remembered for their extraordinary
courage and sacrifice.

We must also acknowledge the 754 Ferrexpo employees who are currently serving
in the armed forces, risking their lives to uphold Ukraine's sovereignty and
independence. In all cases, we are keeping jobs open for them. We must also
continue to support their families as best we can. We will continue to support
our veterans with reintegration to civilian life when they return to the
workplace.

The main challenge to our business this year has once again been the
limitations on our logistics corridors, which has again forced us to limit
production levels. We have been able to operate one, sometimes two, of our
four pellet lines to match the reduced export capacity available to us. The
lack of access to Black Sea export routes has sharply reduced opportunities to
ship significant product volumes to the Middle East and Asia.

There have recently been examples of other exporters using a route through
certain Black Sea ports. Ferrexpo plans to resume this export route and start
up an additional pellet line depending on the ability to export consistently
sufficient volumes through this route on a reliable, safe and cost effective
manner.

In view of the hugely challenging situation that we have continued to face
during the past year, I believe that the company has performed exceptionally
well and we should be proud of our achievements.

As we approach the second anniversary of Russia's full-scale war on Ukraine, I
must thank each and every one of our employees as well as our local
communities for the bravery and resolve they have continued to show in the
face of such fierce adversity.

Slava Ukrainii.

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