Switzerland's Ferrexpo prioritizes safety of Ukraine unit workforce

Switzerland-based Ferrexpo, the world's third-largest exporter of high grade iron ore pellets, is closely monitoring developments in Ukraine, post-Russia's invasion.

The company, with assets in Ukraine, said it will prioritise the safety of its workforce.

Its mining and processing facilities, in Horishni Plavni city, in central Ukraine, where the situation is still stable, are operating.

However, Ukraine has suspended rail transportation. Ferrexpo said it will make further announcement as and when appropriate.

Ferrexpo 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 pellets are converted into steel, compared to more commonly traded forms of iron ore.

Ferrexpo has been supplying the global steel industry for over 40 years. In 2021, it produced 11.2 million tonnes of iron ore pellets, becoming the world's third-largest exporter of pellets to the global steel industry with a market share of approximately 9%.

The company has a global customer base comprising of premium steel mills around the world, which include those in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America.

Ferrexpo recorded pellet production of 11.2 mnt in CY'21 following disruption due to pelletiser upgradation.

Production stood at 3.1 mnt in Q4CY'21, a rise of 18% q-o-q.

• The company's production of Fe 65-67% pellets represented the total output in CY'21.
  
  
• However, its net sales decreased by 6% y-o-y, to stand at 11.3 mn t.