Ferrexpo PLC Production Report and Trading Update for 4Q 2021 (1912Y)
12 Januar 2022 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 1912Y
Ferrexpo PLC
12 January 2022
12 January 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Production Report and Trading Update for 4Q 2021
Summary:
-- Quarterly iron ore pellet production increases 18% quarter on
quarter to 3.1 million tonnes, reflecting the resumption of all
four pelletiser lines following upgrade work in previous
quarters.
-- Total full year production of iron ore pellets of 11.2
million tonnes in 2021, a result in line year on year, and includes
disruptions during the year for pelletiser upgrade work.
-- 100% of pellet production in 2021 comprised of high grade
forms of iron ore (grading 65% Fe or above), with production of
medium grade iron ore pellets phased out (2020: 99% high grade
products).
-- Production of higher grade (67% Fe) direct reduction pellets
increases by 27% to 431 thousand tonnes in 2021, representing 4% of
total pellet production in 2021 (2020: 3% of total).
-- Total full year shipments of commercial concentrate of 234
thousand tonnes in 2021 (2020: 183 thousand tonnes). Production of
commercial concentrate typically coincides with periods of
pelletiser downtime and is primarily enabled by investment in the
Group's concentrate stockyard project in 2020.
-- Total full year sales volume of 11.3 million tonnes,
mirroring production for the year, and representing a 6% decrease
year on year as a result of a stockpile drawdown process completed
in 2020.
-- Group net cash position of approximately US$117 million as at
31 December 2021, increasing from a net cash position of US$4
million as at the end of 2020, with this balance sheet strength
reflecting the Group's investments in high grade iron ore
production and strong market demand for the Group's products. This
operational and financial performance enabled the Group to announce
on 22 December 2021 a further Interim Dividend of 6.6 US cents per
Ordinary share.
-- In late December 2021 the Group's Board of Directors
("Board") also announced the appointment of an additional
Independent Non-executive Director, Natalie Polischuk, who
increases the number of independent directors on the Board to
five.
Jim North, Interim Group Chief Executive Officer, said:
"Drawing 2021 to a close, we are proud to report a strong end to
the year, with over three million tonnes of pellets produced in the
final quarter, and achieving our target run rate for pellet
production of over 12 million tonnes. With the successful
completion of a number of pelletiser upgrades, we are now in a
strong position to grow our production base in the year ahead, both
in terms of production volumes and product grades, with a positive
outlook ahead for premium grade iron ore pellets."
QoQ YoY YoY
Thousand tonnes ("kt"), Product (vs. (vs. (vs.
unless stated otherwise Grade 4Q 2021 3Q 2021 4Q 2020 12M 2021 12M 2020
------------------------------------- --------- -------- --------- --------- --------- ----------
Total commercial production
(pellets & commercial concentrate) 3,101 +17% (2%) 11,454 +0.5%
Total pellet production 3,062 +18% (1%) 11,220 +0.02%
Pellet production comprised
of:
o Direct Reduction ("DR")
Pellets 67% Fe 101 (48%) (34%) 431 +27%
o Ferrexpo Premium Pellets 65% Fe 2,961 +23% +1% 10,790 +0.1%
o Ferrexpo Basic Pellets 62% Fe - - - - (100%)
Commercial concentrate production* 67% Fe 39 (14%) (52%) 234 +28%
------------------------------------- --------- -------- --------- --------- --------- ----------
(* Please note that the Group produced and sold 183 thousand
tonnes of commercial concentrate in 2020, which was not reflected
in the comparison period columns for previous quarterly production
reports in 2021, and the above table now accounts for this material
in the comparator period columns. The Group also now defines
commercial concentrate production as the tonnage sold in any given
period, rather than shipments to the Group's berth. Commercial
concentrate production this year was therefore 62kt, 89kt, 45kt and
39kt in 1Q, 2Q, 3Q and 4Q respectively.)
For further information, please contact:
Ferrexpo:
Rob Simmons r.simmons@ferrexpo.ch +44 207 389 8305
Tavistock:
Jos Simson +44 207 920 3150
Gareth Tredway ferrexpo@tavistock.co.uk +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
.
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