Ferrexpo PLC Production Report for 1Q 2023 (5516V)
06 4월 2023 - 3:00PM
UK Regulatory
TIDMFXPO
RNS Number : 5516V
Ferrexpo PLC
06 April 2023
6 April 2023
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Production Report for 1Q 2023
Ferrexpo plc (LSE: FXPO), a producer and exporter of high grade
iron ore pellets to the global steel industry, with operations in
central Ukraine, hereby provides the following summary of its
production for the first quarter of 2023 ("1Q 2023"):
-- The Group continues to maintain its focus on the safety and
wellbeing of its workforce in Ukraine, having marked 13 months of
Russia's full-scale invasion during the period. The frequency of
lost time injuries remains at a level in line with previous
years.
-- A doubling of total iron ore pellet production to 0.90
million tonnes in 1Q 2023 (4Q 2022: 0.42 million tonnes),
principally driven by an improvement in the supply of electricity
to the Group's operations in Ukraine, which enabled the restart of
a second pelletiser line in late February 2023.
-- The Group's year on year decline in output is linked to the
operational and logistical constraints experienced since the outset
of Russia's full-scale invasion in February 2022.
-- Focus on high grade iron ore continues, with 100% of output
in 1Q 2023 grading either 65% Fe or above (1Q 2022: 100%).
-- Pellet production comprised entirely of high grade blast furnace pellets during the period.
-- The Group intends to continue to operate with between one and
two pellet lines in the coming quarter, in line with 1Q 2023,
assuming no further material changes to the operating environment
and logistics availability in Ukraine.
-- Total iron ore sales volumes of 0.85 million tonnes during 1Q
2023, with deliveries to European customers via rail and barging
operations.
Jim North, Chief Executive Officer of Ferrexpo commented:
"Our thoughts continue to be with the people of Ukraine, as
Russia's full-scale invasion enters its second year. We are
maintaining our efforts with our in-country stakeholders, aiming to
ensure the safety and wellbeing of our people and local
communities, as well as providing direct support via the Ferrexpo
Humanitarian Fund.
"Pellet production of 0.90 million tonnes in the first quarter
of 2023 represents a significant increase on a quarter on quarter
basis, and reflects an easing of the operational constraints
experienced at the end of 2022. As noted in our recent full year
results announcement, we now are in a position to operate a second
pelletiser line (out of four in total), with our logistics networks
able to deliver sales volumes to customers in line with this level
of demand. Going forward, we are looking to balance production
volumes with a conservative approach to maintaining Group's balance
sheet and liquidity metrics, providing a stable and consistent
supply to our long-term customers."
QoQ YoY YoY
(000' tonnes, unless stated Product (vs. 4Q (vs. 1Q (vs. 3M
otherwise) Grade 1Q 2023 2022) 2022) 3M 2023 2022
---------------------------------- -------- ------- -------- -------- ------- --------
Total commercial production
(comprising pellets & commercial
concentrate) 954 +109% (65%) 954 (65%)
Total pellet production 901 +116% (67%) 901 (67%)
Pellet production comprised
of:
o Direct Reduction ("DR") 67% - - - - -
Pellets Fe
65%
o Ferrexpo Premium Pellets Fe 901 +116% (67%) 901 (67%)
o Ferrexpo Basic Pellets 62% - - - - -
Fe
Commercial concentrate 67%
production Fe 53 +32% - 53 -
---------------------------------- -------- ------- -------- -------- ------- --------
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
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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