RCS - Ferrexpo plc - End of Year Letter

FerrexpoAnnouncement

31/12/2024 07:00

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RNS Number : 6612R  Ferrexpo PLC  31 December 2024

Ferrexpo plc

 

Letter from Lucio Genovese, Executive Chair

End of year

 

Baar, Switzerland

31 December 2024

 

Ukraine now ends another tragic year of struggle. The Ukrainian people
continue to resist, far beyond sceptics' expectations in February 2022, and
with a spirit that speaks to the national character of a country now defined
by hardship and resilience.  Ferrexpo and its employees are only a small part
in this picture - but an important one, emblematic of how Ukraine continues to
thrive in the most unexpected ways.

In April, we reported a two-fold increase in production and sales for the
first quarter of 2024 compared to the last quarter of 2023. The first quarter
was our strongest of the year, a period in which we took advantage of the
year's highest iron ore prices. It is important to acknowledge the tremendous
effort of our workforce to realise this achievement. Our 8,000-strong team,
from mine excavator operators to port workers, through the darkest and coldest
days of winter, enduring air raids and blackouts, worked tirelessly in a
concerted manner to make this happen.

For me, the significant improvement in production and sales is a defining
highlight of 2024, and I thank each and every person associated with Ferrexpo
who contributed. I have observed that this extraordinary effort is part of the
indomitable Ukrainian spirit. Working hard to preserve jobs, whilst
contributing fiscally and socially to local communities and broader Ukrainian
society, is an important contribution to the war effort.

A year ago, we were preparing to load our first vessel from Ukraine since the
start of the full-scale invasion. It was a milestone moment when it departed
in mid-January, destined for China. As customer confidence grew, we were able,
in February, to expand our seaborne sales to customers in Europe and the
Middle East thanks to the opening of the Black Sea ports. Earlier in the
month, the last vessel left, also to China, culminating in over 30 vessels
which have left from Ukraine this year.

Of course, the war continues to pose significant challenges and bring
troubling news. Recently, we received the tragic news that another two
colleagues were killed serving in the Armed Forces of Ukraine. One worked as a
pumping unit operator at our crushing and beneficiation plant, until he was
drafted into the Armed Forces in April 2022. The other worked as an electric
and gas welder in our repairs division, drafted into the Armed Forces in July
this year. These men are just two of a total 45 Ferrexpo colleagues who have
been killed defending Ukraine since the full-scale invasion. We mourn their
passing and honour their brave strength. Next year, we will continue to
support our employees and local communities through the Ferrexpo Humanitarian
Fund, as well as offer psychological support for returning veterans.

We are closely monitoring geo-political changes around the world and the
potential impacts on Ukraine. We hope that the war in Ukraine may cease;
however, we must remain vigilant, and our priority must steadfastly remain the
safety and wellbeing of our workforce and communities.

As 2024 closes, we can reflect on some remarkable achievements, capped by our
re-entry into the FTSE 250 Index on the London Stock Exchange last week. This
would not have been possible without the dedication and hard work of
Ferrexpo's employees who have displayed an unyielding commitment in the face
of relentless adversity. Our business remains relevant, thanks to our people,
our customers, shareholders and other stakeholders. Thank you for your
dedication and commitment to Ferrexpo and Ukraine.

Slava Ukrainii

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