Ferrexpo PLC Update Regarding Subsidiary's Accounts in Ukraine (0899P)
07 Februar 2023 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 0899P
Ferrexpo PLC
07 February 2023
7 February 2023
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Update Regarding Subsidiary's Bank Accounts in Ukraine
Ferrexpo plc (LSE: FXPO), a producer and exporter of high grade
iron ore pellets to the global steel industry, with operations in
central Ukraine, announces that it has received notification in
Ukraine of a court order issued at the request of the prosecutor in
Ukraine to freeze the bank accounts belonging to one of its
subsidiaries in Ukraine (being Ferrexpo Poltava Mining, "FPM").
This action is linked to the ongoing investigation in Ukraine that
relates to the potential underpayment of iron ore royalty payments
during the years 2018 to 2021 (the "Investigation"), details of
which were most recently disclosed in the Group's 2022 Interim
Results.
Ferrexpo denies all accusations made as part of the
Investigation, and confirms that it has consistently operated in
accordance with the legal and fiscal frameworks of Ukraine. As
such, the Group is seeking to resolve matters through the Ukrainian
legal system and will appeal the above decision.
The Group has consistently followed the established legal due
process for such disputes, and the Group has fully cooperated with
local authorities throughout this process to date.
Furthermore, the Group notes that the nature of the
Investigation is similar to two separate investigations previously
faced by other major international metals and mining companies
operating within Ukraine.
For further information, please contact:
Ferrexpo:
Rob Simmons r.simmons@ferrexpo.ch +44 207 389 8305
Tavistock:
Jos Simson
Emily Moss +44 207 920 3150
Gareth Tredway ferrexpo@tavistock.co.uk +44 7785 974 264
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. The person
responsible for making this notification is Mark Gregory, Company
Secretary.
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 50 years, and in 2022 the Group produced
6.1 million tonnes of iron ore pellets, despite the war in Ukraine.
Historically, Ferrexpo has been the world's third largest exporter
of pellets to the global steel industry, recently having a market
share of approximately 9% in 2021. 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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END
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