TIDMFXPO
RNS Number : 9399O
Ferrexpo PLC
15 June 2022
15 June 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Annual General Meeting Presentation and Chair Address
Ferrexpo announces that the following remarks will be made by
the Group's Chair, Lucio Genovese, at today's Annual General
Meeting ("AGM") for shareholders to be held in person at 11am at
the offices of Herbert Smith Freehills LLP in the City of
London.
The AGM will also be accompanied by a short presentation on the
Company, which is available at www.ferrexpo.com .
Lucio Genovese, Non-executive Chair of Ferrexpo plc, will make
the following introduction at the AGM:
"As we gather here today, the war being waged by Russia against
the people of Ukraine continues to create a humanitarian crisis
across the country, with approximately 5 million refugees across
Europe as a result. Many thousands of people have been killed or
injured, and towns and cities across Ukraine have been destroyed.
Despite this, the people of Ukraine remain united in protecting
their sovereignty and independence.
"From the very start of this invasion, our priority has been the
safety and wellbeing of our workforce, their families and support
for communities both in our local area and wider Ukraine. With this
in mind, we have further increased the approved funding for the
Ferrexpo Humanitarian Fund to US$15 million to continue our ability
to respond effectively to requests for support. Since the beginning
of Russia's invasion, thanks to a steadfast defence by Ukraine's
military, the main battlegrounds have predominantly moved to the
east and south of the country. Kyiv has returned to a level of
normalcy after being under siege for several weeks, and thankfully
our operations continue to remain outside the main centres of
active conflict.
"The Government of Ukraine continues to recognise the role of
the private sector in supporting the economy, and therefore the
country, at this difficult time, and has encouraged businesses to
remain active where it is safe to do so. It is to the credit of our
workforce in Ukraine, and marketing teams around the world, that we
have continued to be able to produce and deliver our products to
our diverse customer network, exceeding many people's expectations.
Once again, I would like to thank our workforce for their
commitment and continued efforts during this very difficult
period.
"One principal risk to our business in the current environment
is access to our export logistics network. With Ukraine's Black Sea
ports remaining closed, we have been reliant on our rail and
barging operations to sustain our business. Operationally, we
continue to produce in accordance with the degree of sales that we
can access logistically, and we will continue to modify our output
as the situation in Ukraine evolves.
"Looking at the executive management team and board level, we
made a number of changes in the past 12 months following
consultations with shareholders. In February 2022, Jim North was
appointed permanent CEO, having successfully transitioned the Group
into a new phase of its corporate culture, stakeholder engagement
and growth ambitions. In August 2021, we appointed Nikolay Kladiev
as CFO of the Group having worked as our CFO at our largest
operation in Ukraine for over 15 years. On our Board, in February
2022, we rotated the position of Senior Independent Director to
Fiona MacAulay, and I would like to thank Vitalii Lisovenko for his
efforts with stakeholder engagement, who continues to provide a
strong presence in Ukraine as a Non-executive Director of the
Group. During 2021, we also appointed Ann-Christin Andersen and
Natalie Polischuk as Independent Non-executive Directors, taking
the total number of Independent Directors to five and further
increasing the diversity of the Board.
"In 2021, we also retained our focus on safety and increased our
reporting around carbon emissions. On safety, we continue to
operate at a safety rate materially below our long term average,
and ahead of industry peers. We made strong progress on climate
change reporting in 2021, with the announcement of our inaugural
carbon targets in October, as well as our collaboration with
environmental consultants Ricardo plc to model and evaluate our
decarbonisation pathway. We have now achieved a 30% reduction in
our Scope 1 and 2 emissions combined [1] against our baseline year
of 2019, demonstrating the significant progress being made at our
operations, positioning us well for the future. We are also
stepping up our production of higher grade direct reduction pellets
in the long term, which carry a material Scope 3 emissions saving
for Ferrexpo.
"In 2021, despite the lingering impact of the global Covid-19
pandemic and significant volatility in the iron ore markets, we
continued to develop our growth plans, as well as increase
production of higher quality products. As a result of this
operational performance, delivered through 15 years of investments
throughout the Ferrexpo business, the Board has proposed a final
dividend for 2021, which is subject to approval by shareholders
today."
Key Priorities for 2022
"Looking to the year ahead, our main focus continues to be the
safety of our employees, their families and local communities, and
we will continue to provide humanitarian support through our
Humanitarian Fund.
"There are many uncertainties facing Ukraine in the next twelve
months, but there is also a significant opportunity for a brighter
future should Ukraine continue to receive the requested support
from its partners, firstly in its defence, and secondly in the
rebuilding of the country. At Ferrexpo, we understand our role at
the present time, and we will have a role to play once the conflict
subsides and Ukrainians are able to look forward to the future.
"We are long term investors in Ukraine, and we look forward to
many more years of supporting Ukraine.
"Slava Ukraini."
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
.
[1] Scope 1 and 2 emissions combined and on a unit basis (per
tonne of production)
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END
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