Ferrexpo PLC Logistics and Operations Update (5629O)
13 6월 2022 - 3:00PM
UK Regulatory
TIDMFXPO
RNS Number : 5629O
Ferrexpo PLC
13 June 2022
13 June 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Logistics and Operations Update
Ferrexpo plc (LSE: FXPO), the world's third largest exporter of
high grade iron ore pellets to the global steel industry, with
operations in central Ukraine, announces the following update on
its logistics export network and operations in Ukraine.
Logistics Update
As previously announced, Ukraine's Black Sea Ports remain closed
and the Group has had to divert all of its iron ore pellet sales to
European markets via Ukraine's diverse railway network, as well as
via the Group's barging operations. Russia's invasion of Ukraine in
2022 has resulted in periodic disruption to the railway network
across the country, with the national rail operator having to
consistently repair and re-open damaged sections of the railway
network following Russian air strikes.
The Group has recently been notified of further infrastructure
damage as a result of a Russian missile strike in southwest
Ukraine, which has reduced the Group's ability to use its barging
operations that serve European customers. The Group's barging
operations accounted for 0.8 million tonnes of iron ore deliveries
in 2021.
Separately, the Group is in advanced discussions with additional
port operators in central Europe for seaborne exports, whilst
Ukraine's Black Sea ports remain closed.
Operations Update
As of the end of May 2022, the Group had produced 4.4 million
tonnes of iron ore pellets, representing a level 8% below the same
point in 2021. The Group has realised a combined 0.4 million tonne
increase in iron ore inventories in the months of March, April and
May 2022, which the Group will look to reduce as logistics
constraints ease over time.
The Group continues to operate its assets in accordance with the
volume of sales that are accessible given the ongoing conflict in
Ukraine, and has recently operated in line with the historic level
of sales to European markets, in addition to serving excess demand
derived from reduced deliveries of Russian iron ore into Europe.
The Group continues to receive deliveries of key consumables
sufficient for the planned level of pellet output. However, as a
result of the damage to infrastructure and increase in inventories
of iron ore pellets referenced above, the Group will lower
production for a period of time, until an alternative logistics
route is agreed, damaged infrastructure is reopened and/or
Ukraine's Black Sea ports resume activities.
The Group will continue to operate between one and three of its
four pelletiser lines for pellet production, meeting accessible
demand in European and seaborne markets.
This announcement contains inside information in relation to the
Company. The person responsible for making this notification is
Mark Gregory, Company Secretary.
Jim North, CEO of Ferrexpo commented:
"Russia's invasion of Ukraine has created a changeable and
unpredictable situation, and one in which our management team is
continually having to adapt and evolve our approach to operating.
It is a credit to our operators and marketing team that our year to
date production in the first five months of 2022 was only 8% below
the same level seen in 2021, demonstrating Ferrexpo's collective
flexibility despite exceptional circumstances. In light of the news
announced today, we are lowering our short term production schedule
for the summer months, and we will look to increase production once
we have greater clarity on logistics going forward. The gradual
reopening of our access to the seaborne market is a positive for
the Group and we will prioritise these efforts as we understand the
importance of reconnecting with this segment of our customer
portfolio."
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 50 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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