Ferrexpo PLC Production Report and Trading Update for 1Q 2022 (7730H)
08 April 2022 - 8:01AM
UK Regulatory
TIDMFXPO
RNS Number : 7730H
Ferrexpo PLC
08 April 2022
8 April 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Production Report and Trading Update for 1Q 2022
Summary:
-- The safety of the Group's workforce remains the Group's highest priority.
-- Total iron ore pellet production of 2.7 million tonnes in the
first quarter of 2022, representing a figure in line with the same
period in 2021, and 11% below the previous quarter (4Q 2021) due to
operational and logistical constraints following Russia's invasion
of Ukraine, which persist as per the Group's previous press release
updates in February 2022.
-- The Group's production continues to comprise entirely of high
grade forms of iron ore, which are those with an iron ore grade of
65% Fe or above.
-- Sales in 1Q 2022 of 2.6 million tonnes, with the Group
scaling its production activities to meet accessible pellet demand.
Logistics pathways to Europe via rail and barge remain open to the
Group, while activities at the Black Sea port of Pivdennyi continue
to be suspended.
-- Group net cash position of approximately US$159 million as at
31 March 2022, with stable available financing lines marginally
impacting the debt position. The Group has maintained an adequate
balance of liquidity between funds held both offshore and onshore,
ensuring that payments for the Group's workforce, operations and
tax requirements are paid on time and in full.
-- The situation in Ukraine remains complex. In accordance with
the Government of Ukraine's request for economic activities to
continue, the Group will continue to produce and transport its
products as long as the capability is in place and it remains safe
to do so.
Jim North, Chief Executive Officer of Ferrexpo commented:
"The safety of our workforce remains our highest priority. Our
operations and local communities are outside the main conflict
zones within Ukraine, enabling us to continue our activities,
including the delivery of iron ore pellets to customers in Europe
via rail and barge, which have historically represented
approximately 50% of sales. The port of Pivdennyi in southwest
Ukraine, where the Group's berth is located, remains closed, and we
are reviewing alternative methods of delivering our products to
seaborne markets."
Thousand tonnes, unless Product QoQ (vs. YoY (vs. YoY (vs.
stated otherwise Grade 1Q 2022 4Q 2021 1Q 2021 3M 2022 3M 2021
------------------------------------- --------- -------- --------- --------- -------- ---------
Total commercial production
(pellets & commercial concentrate) 2,713 (13%) (2%) 2,713 (2%)
Total pellet production 2,713 (11%) (0.1%) 2,713 (0.1%)
Pellet production comprised
of:
o Direct Reduction ("DR")
Pellets 67% Fe - (100%) (100%) - (100%)
o Ferrexpo Premium Pellets 65% Fe 2,713 (8%) +2% 2,713 +2%
o Ferrexpo Basic Pellets 62% Fe - - - - -
Commercial concentrate production 67% Fe - (100%) (100%) - (100%)
------------------------------------- --------- -------- --------- --------- -------- ---------
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
.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTIPMATMTJMMBT
(END) Dow Jones Newswires
April 08, 2022 02:01 ET (06:01 GMT)
Ferrexpo (LSE:FXPO)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Ferrexpo (LSE:FXPO)
Historical Stock Chart
Von Jul 2023 bis Jul 2024