REG - Ferrexpo plc - Corporate and Logistics Update

FerrexpoAnnouncement

28/02/2022 07:00

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RNS Number : 9947C  Ferrexpo PLC  28 February 2022

 

28 February 2022
 
 

 

 

Ferrexpo plc

("Ferrexpo" or the "Company" or the "Group")

 

Corporate and Logistics Update

 

Further to the Group's recent operational updates in relation to the ongoing
situation in Ukraine, Ferrexpo plc (LSE: FXPO), the world's 3(rd) largest
exporter of high grade iron ore pellets to the global steel industry, hereby
provides the following updates.

 

Corporate Update

 

Given the ongoing incursion by Russian armed forces into the territory of
Ukraine, the Group's Board of Directors has decided to delay the publication
date of its full year results, which were previously scheduled for publication
on 16 March 2022. This decision has been made due to the ongoing conflict in
Ukraine, which is requiring significant management attention and therefore
impacting on the usual internal processes for preparing the Group's full year
results. The additional time provided by this delay will allow the Group to
consider the full impact of these events on the accounts, and will provide
more time for the Group's independent auditor to carry out its own audit
procedures, some of which will be impacted by the current situation in
Ukraine.

 

At the present time, given the uncertainties surrounding the situation in
Ukraine, the Group is not in the position to provide a date as to when the
Company's full year financial accounts for 2021 will be published.

 

Logistics Update

 

The situation in Ukraine remains complex and changeable. The Group is aware of
reports of the Ukrainian railway network providing limited capacity to its
freight customers, and the Group can confirm that it has dispatched a
proportion of its production to the western border of Ukraine to customers in
Europe. It remains unclear as to the ongoing availability of railing capacity
and, if available, the quantity of pellets that the Group may be able to
deliver to its European customers.

 

The Group's continued primary focus remains the safety of its workforce in
Ukraine. Further updates will be made as and when appropriate.

 

For further information, please contact:

 Ferrexpo:
 Rob Simmons      r.simmons@ferrexpo.ch     +44 207 389 8305
 Tavistock:
 Jos Simson       ferrexpo@tavistock.co.uk  +44 207 920 3150

 Gareth Tredway                             +44 7785 974 264

 

About Ferrexpo:
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 the Group's iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 40 years and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world's 3(rd) largest exporter of pellets to the global steel industry with a market share of approximately 9%. 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 (http://www.ferrexpo.com)
.

 

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