United in
purpose
Ferrexpo plc
Annual Report & Accounts 2024
As a leading European supplier of premium iron
ore pellets we are enabling the transition to green
steel. Our products are important to Ukraine and
to customers around the world.
We are determined to protect our people and
our assets so that we may continue to operate
and contribute positively to Ukrainian society
and the economy.
Who we are
Ferrexpo is a leading European producer and
supplier of premium iron ore products that
are enabling the transition to green steel.
Our products are important to Ukraine and
to our customers around the world.
Read more
Pages 20-25
Read more
Pages 26-29
What we do
We are a vertically integrated producer and
supplier of high-grade iron ore products.
Our long-life deposits feed ore to our modern
processing and beneficiation plants to
produce high grade iron ore products which
we can deliver by rail, barge or ship to our
customers.
Read more
Pages 20-25
4
3
6
7
8
9
1
2
5
10
Ferrexpo at a Glance
HIGHLIGHTS OF THE YEAR
Despite the challenges of operating
during a third year of war, 2024 marked
a year of unprecedented achievement
for Ferrexpo. The reopening of Ukrainian
Black Sea ports allowed us to increase
production and sales, supplying
customers in MENA and Asia for the
first time since the full-scale invasion in
February 2022.
Strategic Report 01
Executive Chair’s Statement 02
Group Chief Financial
Officer’s Statement 04
Operating during a time of war 06
Our Business
Business Model 10
Value Proposition 12
Strategic Framework 14
KPIs 16
Operational Review 20
Market Review 26
Financial Review 30
Our People 36
Responsible Business Review
Introduction 44
Health and Safety 46
Diversity, Equity and Inclusion 47
Environmental Stewardship 49
Governance 54
Stakeholder Engagement
Section 172 56
Task Force on Climate-Related
Financial Disclosures (“TCFD”) 64
Risk Management 81
Principal Risks 84
Viability Statement 95
Corporate Governance 97
Financial Statements 160
Additional Disclosures 239
Alternative Performance Measures 240
Glossary 242
Purpose and values
Our purpose is to deliver value to our
stakeholders by producing and marketing
premium iron ore products in a socially
responsible and sustainable manner. We
are focused on taking an ethical approach
and developing positive relationships with
all stakeholders.
Read more
Pages 11-13
Strategic direction
The war has taught us to be flexible and
adaptive to the challenges we face. Our focus
is the safety and wellbeing of our people,
whilst preserving the integrity of our assets.
We also consider our longer-term strategic
direction so that we can maintain stability
and resilience.
Read more
Pages 14-15
of taxes and royalties
paid in Ukraine in 2024
US$74
M
66% increase in production
compared to 2023
6.9
Mt
capital investment
in 2024
US$102
M
EBITDA, 30% decrease
compared to 2023
US$69
M
strong workforce
8,000
humanitarian aid*
since February 2022
US$28
M
FTSE 250
FTSE4Good
7
Office, Dubai
9
Office, Shanghai
8
Office, Singapore
10
Office, Tokyo
2
Ferrexpo AG, Baar
4
Operations, Horishni Plavni
3
Ferrexpo Services Ltd, Kyiv
5
Port facilities
6
First DDSG, Danube
For references to Ferrexpo plc
in this report see glossary.
*including CSR spending
1
Ferrexpo Plc, London
01
Financial StatementsCorporate GovernanceStrategic Report
A year of
unprecedented
achievement
Ferrexpo plc
Annual Report & Accounts 2024
02
Executive Chair’s Statement
Undeterred by the
challenges of a third year
of war, 2024 marked a
year of unprecedented
achievement for Ferrexpo.
Our people worked as a united team to bring
back production and increase sales to the
highest levels since the start of the full-scale
invasion in February 2022. In the first quarter
of 2024 alone, production and sales doubled
compared to the final quarter of 2023. We
also brought back production of our highest
quality, and higher margin products. I am very
pleased that our organisation has been able
to achieve such a dramatic recovery, during a
time of war.
A MORE AGILE AND
FLEXIBLE BUSINESS
Throughout the operational recovery of 2024,
the business demonstrated tremendous
agility, by coordinating more than 8,000
people, from the mine face to dock side,
varying production between one and three
of our four pelletising lines, depending on
power availability, customer demand and
pricing. By quickly scaling up or down our
production, we were also able to produce
a variety of different product qualities
and restart shipping activities on a variety
of vessel sizes, including the larger, more
efficient capesize vessels. This allowed us to
diversify geographically to supply existing
and new customers in MENA and Asia, having
previously been constrained logistically to
mainly European markets.
PRESERVING OUR BUSINESS
IN A CHALLENGING
ENVIRONMENT
This agility was important during 2024. In the
first quarter, we were able to benefit from
higher production volumes sold at higher
iron ore prices. This allowed us to increase
salaries and invest to preserve the integrity of
our assets. As the year progressed, however,
iron ore prices fell, month after month.
New war-related challenges, in particular the
need to import power at significantly higher
tariffs, resulted in our costs increasing. These
factors combined have eroded our margins
and cash position, more of which our Chief
Financial Officer reports on in his statement
on the following pages.
CONTRIBUTING TO THE
UKRAINIAN ECONOMY
AND TO SOCIETY
Despite the challenges, our business
remains relevant. During the year, in
Ukraine, we paid US$54 million in salaries
and procured US$657 million in goods from
our suppliers. We generated US$933 million
in revenues, and paid US$74 million in taxes
and royalties. We also continued to fund
humanitarian and social initiatives, including
making large donations to address critical
national emergencies. These are significant
contributions that support employment
and livelihoods, sustain communities, and
contribute to Ukraine’s resilience.
When I look at our business and our people,
I see a relentless energy of purpose, a drive
to work hard, and a determination to keep
delivering, time and time again. To this end,
I have asked my fellow Executive Committee
members to convey in detail how their
respective functions – from operations to
marketing to finance and human resources –
have adapted, and how they add value to the
business during a time of war. It is important
to me that shareholders understand that,
whilst we are consumed by war, we are
navigating through it.
COLLEAGUES SERVING IN
THE ARMED FORCES AND
VETERANS RETURNING
At the end of 2024, 706 of our colleagues
were serving in the Armed Forces of Ukraine.
We support serving colleagues through
the provision of equipment such as bullet
proof vests, ballistic helmets, clothing items,
sleeping bags and mats, tactical first aid kits,
and seemingly ordinary daily essentials such
as mess kits and sanitary items. We maintain
constant contact with them, either directly
or through relatives, so that we can continue
to supply them with replacements and
additional items that make military life more
manageable. We also guarantee their jobs
when they return as veterans.
Indeed, as the war continues, we are
welcoming an increasing number of veterans
home – 160 at the end of December 2024.
The Ferrexpo Veteran Support Service
guides them through decommissioning,
convalescence, their physical and mental
health needs, and, when they are ready,
return to the workplace, including retraining
if necessary. It is clear that mental health is
one of the biggest challenges that we must
rise to – not just for the veterans, but also for
family members. In this report, we present a
detailed case study on the support we provide
for veterans and their families, in a new section
titled “People”.
PREPARING TO BE AN
IMPORTANT PLAYER IN
UKRAINE’S RECONSTRUCTION
Reconstruction of Ukraine is an important
part of our future. It is one part of the
plans we progressed during 2024 to play
an important role in the reconstruction of
Ukraine. As a Ukrainian industrial company,
with headquarters and stock exchange listing
in Western Europe, we are uniquely positioned
to play a leading role in reconstruction.
We have the skills and experience raising
capital on international markets to invest
in Ukraine, following the high governance
standards international investors expect.
Our first step will be to restore full production,
which has been constrained due to the war.
Subsequently, we plan to expand further
and to decarbonise, allowing us to increase
our contribution to the Ukrainian economy
and society.
GOVERNANCE
As in previous years, the Board met more
frequently than is required. There were no
changes to the Board during 2024, and only
a few changes within the sub-committees.
Subsequent to the 2024 reporting period,
Natalie Polischuk resigned from the Board of
Ferrexpo in January 2025. I am particularly
grateful to Natalie who, as Chair of the Health,
Safety, Environment and Community (“HSEC)
Committee, oversaw our Humanitarian Fund
and CSR activities, which have provided
a tangible positive social impact for our
workforce and communities since the start
of the full-scale invasion. Following Natalie’s
resignation, the Board continues to have
a majority of independent Non-executive
Directors and a search for a new independent
Non-executive Director is ongoing.
I close my letter as I opened it: 2024 marked
a year of unprecedented achievement for
Ferrexpo. It was pleasing that 2024 was also
capped by a series of awards for our business
and our people, and a strong rally in the share
price at the end of the year that resulted in us
re-entering the FTSE 250.
I recognise it has been a difficult year, and
I am grateful to every colleague for their
exceptional efforts and to our shareholders
and broader stakeholders for their continued
support.
Lucio Genovese
Interim Executive Chair, Ferrexpo Plc
Corporate Governance Financial Statements
03
Strategic Report
United against
challenges
Ferrexpo plc
Annual Report & Accounts 2024
04
Group Chief Financial Officer’s Statement
In 2024, our business was
dominated by a third year
of war in Ukraine, while
at the same time having
to manage the cyclical
dynamics of the iron
ore and steel sector
in a global economy
being shaped by other
transformational forces.
CHALLENGING MARKETS
FOR IRON ORE
Iron ore markets traditionally exhibit some
seasonality in demand and pricing, both
positive and negative. For example, extreme
weather can disrupt supply from various
markets as well as influence production rates
of steel mills and limit or increase demand for
our products.
There are also shorter-term dynamics
affecting the iron ore and steel markets.
Examples of factors that affected Ferrexpo
in 2024 include economic contraction in
Europe, evidenced by weakness in the
automotive sector, resulting in less demand
for steel and, ultimately, the iron ore pellets
we supply to our European customers.
INCREASED PRODUCTION
COUNTERED HIGHER
COSTS AND WEAKER REALISED
PRICES
This complex environment is reflected in our
financial results. A 66% increase in production
translated into a 43% increase in revenue
due to a 17% fall in realised prices. Higher
production volumes supported a better
absorption of our fixed costs on a unit cost
basis, although this remained suboptimal as
we operated at below two thirds of our full
capacity. Overall, our C1 cash costs on a unit
basis increased by 10% to US$83.9 per tonne.
The main reason for this increase is the
requirement to import electricity at prices
sometimes double the usual domestic tariff.
We also continued to incur higher costs
compared to the period before the full-
scale invasion for other energy sources, key
consumables, transport and logistics, and to
fund necessary salary increases.
Reflecting the broader macroeconomic
challenges in Ukraine, the Ukrainian hryvnia
depreciated 10% against the US dollar in 2024.
This had a positive impact on our financial
statements, resulting in a net US$44 million
foreign exchange gain for the year. Historically,
it’s fair to say that the devaluation of the
Ukrainian hryvnia offsets cost inflation, but
this was less the case in 2024, particularly as
we incurred more costs in other currencies,
for example, to purchase imported power.
The non-cash impairment loss of US$72 million
recorded as at 31 December 2024 on the
Group’s non-current operating assets,
including property, plant and equipment,
intangible assets and other non-current
assets, is the result of the Group’s lower cash
flow generation driven by a decrease of prices
for iron ore products due to a less optimistic
long-term outlook for the iron ore market and
higher prices for input material due to the
ongoing war in Ukraine.
Although the Group made a loss of US$50
million, had the impairment of US$72 million
not occurred the Group would have made
a profit of US$22 million. This was 52%
lower compared to 2023, if the provisions of
US$131 million recorded for legal disputes
are added back. This demonstrates that,
while the strategy to bring back production
volumes did not result in the expected profit
growth, it helped to limit losses in the face of
exceptional challenges.
A YEAR OF TWO HALVES
Behind the headline annual numbers, there
are some interesting themes worth pointing
out. First, the annual results are a tale of two
halves. During the first half of 2024, we sold
56% of our production at prices that were on
average 10% higher than those in the second
half; and average C1 costs in the second half
of the reporting period were 13% higher
compared to the first half.
Indeed, in the interim results we reported an
Underlying EBITDA of US$79 million, whereas
for the full year, it has fallen to US$69 million,
reflecting the more challenging second
half of the year and a reduction in realised
profits. As we move into 2025, and at the
time of the release of this report, we are in
the fourth year of war, and it is important to
state that operating conditions continue to
be challenging, and we have not yet seen any
improvement in iron ore prices or costs.
ADDING VALUE THROUGH
OUR WORK
Preparing for and responding to these
challenges is one of the ways that the finance
function demonstrates how we add value to
the business. In many senses we are a nexus
that co-ordinates other functions of the
business, providing the data necessary to drive
short-term strategies for the business. As an
example, we liaise between our colleagues in
marketing to identify which of our products,
in which markets, at what times will generate
the best possible margin, whilst at the same
time, making sure that our colleagues in
operations are prepared and are allocated
the cash resources that they need to produce
these products, from mining the ores needed
at the pit face to getting the finished products
to port in time for export.
Our challenge was greater in 2024 because we
had to diligently manage our cash flows while
ensuring adequate liquidity – without access
to debt or trade finance. This was particularly
demanding in the first quarter because we had
to deploy capital into operations to expand
mining and processing rates, whilst at the
same time the cash cycle lengthened due to
more goods in longer transits as we resumed
seaborne sales to Asia.
SOLID INVESTMENT
Since the full-scale invasion in February 2022,
the Group has invested US$352 in capital
expenditure in Ukraine. This is in addition
to over US$300 million in tax and royalty
payments in Ukraine, and US$1.8 billion
we have spent procuring goods and services.
In 2024, we invested US$102 million in our
operations, in line with the previous year.
Around 40% of the Capex was spent on
maintenance, helping to restore and maintain
production capacity, thereby ensuring the
integrity of our assets. It was complicated
at times, as we operated between two and
three pellet lines due to volatility in power
availability and market constraints. Overall,
we deployed the majority of this capital on
development projects. Some of the larger
capital investments included additional
funds for the new press filtration complex in
the first half of the year and, in the second
half, a new concentrate conveyor line along
the production circuit to produce iron
ore concentrates concurrently with pellet
production, rather than being limited to
producing only pellets or concentrates at any
one time.
BUILDING MORE FLEXIBILITY
IN OUR BUSINESS
The outcome of these investments is that we
have built in further operational flexibility, and,
at the same time, continued to improve the
quality of our products. In turn, this means
that we can be more responsive to short-
term changes in market dynamics and to our
customers’ evolving needs.
THANKS
I would like to express my gratitude to the
many colleagues across our business for their
commitment and hard work throughout
another challenging year for the Group. It
is their collective effort that enabled us to
adapt quickly to market opportunities and
challenges to achieve a year-end net cash
position of US$101 million.
In particular, I would like to convey my thanks
to the finance team, from colleagues on the
ground in Horishni Plavni, to here in Baar and
elsewhere; those working in financial planning
and management, accounting, treasury,
reporting and internal audit. A tremendous
amount has been achieved this year to keep
our business relevant and one step wiser for
the year ahead.
Nikolay Kladiev
Group Chief Financial Officer
Corporate Governance Financial Statements
05
Strategic Report
With all our operations based in Ukraine, our
workforce and facilities continue to be affected
by the ongoing war. In this section we detail the
ongoing and changing effects of war on our people,
communities, operations and logistics.
PEOPLE
The safety and wellbeing of our people are
our primary concern. People want to work,
to secure their livelihoods and to feel they are
contributing to the broader war effort. It is
our responsibility to ensure that they can do
so safely.
At the end of 2024, our workforce in Ukraine
comprised 8,542 employees and contractors.
This includes 706 colleagues serving in the
Armed Forces of Ukraine. 160 have been
discharged from the armed forces, of whom
102 have returned to work.
Throughout the war, we have maintained a
full workforce. Production rates can fluctuate
because of factors beyond our control,
such as the availability of power or access
to logistics capacity. For this reason, there
have been times we have had to place some
employees on furlough; and others when we
have asked employees to work extra hours or
defer planned leave. Our people have come to
understand that this flexible model ensures
that the business can continue to operate.
Following missile and drone attacks on
Ukraine’s energy grid, power outages and load
shedding were more frequent during 2024.
These result in frequent interruptions to the
working day, as well as time at home. They
may also mean working in unlit buildings, with
limited heating in winter or air conditioning
in summer. At these times the resilience of
our people is clear: working extended hours,
switching to battery and generator backups,
and a ‘just get on with it’ approach, when it
is too hot, too cold or too dark. Air raid alerts
during missile and drone attacks are frequent.
At these times we require all employees to
seek shelter underground or in bomb shelters.
This results in additional interruptions to
the working day, and travel to and from the
workplace. Of course, air raid alerts also affect
time at home, which can interrupt sleep,
domestic activities, and schooling, placing a
major strain on an individual’s daily life and
psychological wellbeing.
Ferrexpo plc
Annual Report & Accounts 2024
06
Operating during a time of war
Humanitarian support
US$28M
Our role as an employer is to protect the safety
and security of our people. We aim to do this
in several ways. Physical protection through
allowing people to work from home (where
feasible), and the provision of underground
and bomb shelters are some examples.
Mental health and wellbeing are increasingly
important as the war prolongs. The “Ferrexpo
Wellbeing and Psychological Support Project”
has been operating since February 2022.
The objective of this project is to support
mental health issues that employees and their
families are experiencing as a result of the
war. Its implementation helped employees
understand that seeking psychological
support is acceptable. Access to anonymous
consultations with leading specialists allows
employees to work through crisis situations.
Cultural and sporting activities are important
contributors to general wellbeing. Examples
include: our corporate theatre project called
“FerroTale”, which has attracted an audience
of over 3,000 since it was launched and raised
over UAH500,000 for the Armed Forces of
Ukraine, and our annual charity run which
attracted over 250 participants and raised
funds for a socialisation programme for
children with disabilities.
LOCAL COMMUNITIES
As the principal employer in the city of
Horishni Plavni, we have always played a
central role in the community. This has become
more important since the full-scale invasion,
as local and national authorities are under
significant strain and the pressures on the
community are formidable.
At its most basic, a resilient community
needs functioning infrastructure, health and
educational services. This is why we have
helped to secure power and water supply,
build and repair homes and hospitals, fund
education initiatives in local schools, and
provide medical equipment for local hospitals.
Corporate Governance Financial Statements
07
Strategic Report
A resilient community also needs cultural and
sporting facilities and events to keep people
occupied and healthy. FerroTale and the charity
run mentioned above are good examples.
During 2024, we placed additional emphasis
on funding sports, facilities such as gyms,
swimming pools and stadiums, and teams that
compete at a national level, including men’s
and women’s football, basketball and rowing.
Ferrexpo plays a vital role in supporting sports
for individuals with disabilities by funding
facility upgrades and equipment purchases.
This support helps all athletes, regardless of
physical ability, further solidifying Horishni
Plavni’s reputation as a hub for athletic
excellence.
Since the full-scale invasion, community
needs have evolved. In the early days, we
were focussed on housing and feeding
refugees, later on providing equipment such
as generators, laptops, and mobile phones,
and more recently, on mental health and
wellbeing. Through the Ferrexpo Humanitarian
Fund and usual CSR spending, we have
supported over 100 humanitarian projects
and initiatives that have not only helped our
immediate communities, but also supported
another 11 regions across Ukraine, reaching an
estimated five million people in total.
More information on supporting our
communities can be found in our latest
Responsible Business Report on pages 44-63
and in a case study about our support for
veterans on pages 42-43.
OPERATIONS AND LOGISTICS
Our operations are large in scale and
follow a relatively simple process flow:
mining, processing and beneficiation, with
considerable built-in production flexibility at
each stage.
The reopening of the Ukrainian Black Sea ports
at the end of 2023 removed the limitations
of exporting only by rail, river barge and out
of alternative Black Sea ports. Production
activities therefore ramped up in the final
quarter of 2023 and first quarter of 2024 to
fill this additional export availability.
Since the start of the full-scale invasion,
we have learnt to adapt to ever-changing
conditions and have built significant flexibility
into our operations. This has included
establishing alternative suppliers for critical
inputs and adopting an operating model
that can quickly scale up or down, using one
to three of our four production lines, and
managing our human resources accordingly.
During 2024, we experienced frequent
interruptions to the power supply, disrupting
throughput of ore, concentrates and pellets.
We had to learn to manage these outages and
keep operating so as to reduce production
cycle down-time and losses. This took time,
but we have become adept at mitigating
power shortages and have mostly been able
to ensure constant production.
The reopening of Ukrainian Black Sea ports
also presented some challenges, as port
facilities required repairs and capacity was
restored slowly. Vessel loading times improved
throughout the first half, resulting in more
optimal laycan and minimising demurrage
charges. At the end of 2024, the ports were
operating effectively, and we are starting to
see more ship owners expressing interest in
taking Black Sea cargoes as well as a lowering
in tariffs and insurance risk premiums. As long
as it continues to be safe to operate out of the
Black Sea, we will continue to do so in 2025.
Ferrexpo plc
Annual Report & Accounts 2024
08
Operating during a time of war continued
Remembering those we have lost
Tragically, ten colleagues were killed serving in
the Armed Forces of Ukraine during 2024,
bringing the total to 46 since February 2022.
We mourn their passing and honour their
selfless and brave strength.
2024
Viacheslav Burhardt, age 38
Maksym Dmytryienko, age 44
Kostiantyn Koposov, age 39
Ihor Koriakovtsev, age 43
Oleksandr Koval, age 53
Eduard Lozenko, age 45
Volodymyr Taranyshych, age 37
Roman Vernyhora, age 43
Mykola Yastrebkov, age 35
Ruslan Yerko, age 31
2022
Andriy Albit, age 34
Dmytro Belikov, age 32
Oleksiy Bridnya, age 33
Andriy Chernya, age 37
Oleksandr Chugainov, age 54
Guy Dudka, age 52
Andriy Dukanych, age 33
Serhiy Kharlamov, age 57
Serhiy Kondyk, age 31
Denys Koshovyy, age 31
Oleksiy Nazimov, age 25
Kostiantyn Orchikov, age 30
Oleksandr Scherbakov, age 28
Denys Svyrydov, age 50
Yaroslav Taran, age 50
Oleksiy Yatskov, age 36
Anatoliy Zakupets, age 37
2023
Yuriy Bilenko, age 38
Serhiy Buhuev, age 42
Oleksiy Bulba, age 45
Serhiy Chemkayev, age 44
Maksym Chystiakov, age 24
Volodymyr Holub, age 54
Oleksiy Khanilevych, age 24
Rostyslav Ledovskyy, age 25
Dmytro Lysachenko, age 28
Roman Lytvynenko, age 31
Vitaliy Med, age 40
Ihor Novohatniy, age 39
Volodymyr Pavlenko, age 43
Petro Perovskiy, age 25
Andriy Petrenko, age 49
Serhiy Pizniy, age 34
Oleksandr Smyrnov, age 32
Vladyslav Solomko, age 33
Oleksandr Terlenko, age 48
SLAVA UKRAINI.
09
Ferrexpo is a vertically integrated,
pure-play iron ore pellet producer
and supplier
Mining
QUALITY
ASSETS
LOW-COST
PRODUCTION
GLOBAL
DISTRIBUTION
Transportation
and logistics
What we do
The competitive advantages that help us to create value
Our world-class, long-life
deposits hold 5.7 billion tonnes of
JORC-compliant mineral resources.
Contiguous open pit mines use
modern equipment and have an
industry-leading safety performance.
Our ore processing metallurgical
beneficiation and pelletiser plants
produce a variety of pellets.
Established and efficient large-scale
plants with built-in operational
flexibility to supply evolving
customer needs.
Owned transport equipment and
logistics infrastructure, including
rail, ports, river and ocean vessels.
Flexible handling and shorter delivery
times to Europe and MENA than
global peers.
50
YEARS
Mineral Reserves
12
MT
Annual capacity from
four pelletising lines
3
RD
Largest exporter of
pellets globally (pre-war)
REINVESTMENT INTO PEOPLE, TECHNOLOGY INNOVATION AND R&D
Processing
Ferrexpo plc
Annual Report & Accounts 2024
10
Our Business Model
Economic
Social
Environmental
The outcomes we deliver
Our high quality products are preferred by premium steel
producers around the world and are enabling the transition
to green steel, whilst at the same time supporting the
Ukrainian economy.
PREMIUM
PRODUCTS
Marketing
What we do
The competitive advantages that help us to create value
We have relationships with premium
steel mills around the world, serving
customers in Europe, MENA and Asia
Our premium products enable us
to add more value for customers,
supporting higher margins.
65-67
%
Fe content in
all our products
ROBUST PRE-WAR EARNINGS TRACK RECORD
SHAREHOLDER DISTRIBUTIONS
FISCAL CONTRIBUTIONS
ENABLING GREEN STEEL
SUPPORTING THE DRIVE TO NET ZERO
INVESTMENT IN UKRAINE
SUPPORT DURING TIME OF WAR
SUPPORTING OUR WORKFORCE AND COMMUNITIES
DEVELOPING OUR WORKFORCE
Read more on how we create value for all of our stakeholders on
pages 56 to 61
Corporate Governance Financial Statements
11
Strategic Report
Why
invest in
Ferrexpo?
The essential
nature of steel
Transition to
green steel
Iron ore is the main ingredient to make
steel, on which our everyday lives depend.
If something is not made of steel, it is made
using it. Steel is also integral to the energy
transition and critical for energy generation
technologies and end-user products such as
electric vehicles.
Traditional steel production is emissions-
intensive. Legislation and environmentally
conscious end users are driving a shift to lower
and zero carbon steel, and the associated
feedstocks and production methods.
What’s the industry challenge?
>1.8
BN
Total steel production
in 2024 (tonnes)
7
%
Global greenhouse gas
emissions currently generated
through steel production
US$376
BN
Value of global iron ore trade
in 2024
30
%
Forecast growth in demand
for steel by 2050
+200
MT
green steel
Forecast global lower and zero
carbon steel demand growth
by 2030
80
MT
DR pellets
Forecast global demand growth
for DR pellets by 2030, over one
third of which in Europe
Ferrexpo plc
Annual Report & Accounts 2024
12
Value Proposition
Our industry-
leading products
Established large
scale operations
Our focus
on responsible
operations
Ferrexpo is already a leading supplier
of premium iron ore pellets and Direct
Reduction Iron (“DR”) pellets, the products
needed to transition to lower carbon steel.
When used in an electric arc furnace (“EAF”),
our DR pellets are proven to improve
productivity and lower carbon emissions.
As the only publicly listed, vertically
integrated iron ore pellet producer and
supplier of its size in Europe, Ferrexpo
is uniquely positioned. The established
scale of our assets, and the infrastructure,
technology and skills that we have invested
in over decades, are difficult to replicate.
Before the war, Ferrexpo was the world’s
third-largest exporter of iron ore pellets.
We have committed to decarbonisation
and Net Zero by 2050. We are a significant
contributor to the local communities where
we operate, and the Ukrainian economy.
Why are we well positioned for the future?
-37
%
Lower global warming
potential of steel made
with Ferrexpo DR pellets
50+
YEARS
Life-of-mine high grade
magnetite deposits
0.54
LTIFR
Good safety performance.
2024 slightly above five-year
historical average 0.52
100
MTPA
Forecast DR grade pellet deficit
by 2031 as pellets outpace
traditional concentrates
Pellet efficiency
DR pellets command premium
prices due to their efficiency
in lower carbon steel making
Large scale
Mines and pellet lines ensure
flexible production
Owned logistics
infrastructure
Providing multiple export routes
to a global customer base
50
%
reduction
2050 Net Zero pathway,
targeting 50% reduction
in Scope 1 and 2 by 2030
US$28
M
Funding for more than 100
humanitarian and social projects
and initiatives
Corporate Governance Financial Statements
13
Strategic Report
Strategic
direction
Managing the business through a
prolonged war has taught us to be
flexible and adaptable to the constant
challenges that we face. It is important
that, despite the war, we continue to
consider our longer-term strategic
direction to remain resilient.
Our five strategic principles may not
always resonate with the immediacy
of war, but they continue to help guide
us through uncertainty and provide a
framework for decision making that
will affect us over the longer term.
In this way, we are able to build trust for our stakeholders, from
employees to investors, and ensure we are managing the business
appropriately today, with a view to value creation in the future.
We cannot currently say that our operations are low cost when
benchmarked to international peers; we are, however, very focused
on identifying every opportunity to optimise costs, preserve the
integrity of our assets, and improve operating efficiencies. This year,
we invested US$102 million into our assets, including US$65 million in
capital investments for development projects. In this sense, lowering
the cost of operations is an immediate strategic priority.
High quality
production
Focus on higher grade
premium iron ore
products that enable our
customers to transition
to lower carbon steel.
2024 PROGRESS
AND HIGHLIGHTS
• 66% increase in production.
• High grade focus with 100%
of all pellet and concentrate
production grading 65% Fe
or higher.
• Record annual DR pellet sales,
even compared to before the
full-scale invasion.
• Capital investments resulted in
improvements in the physical
strength and chemical quality
of higher-grade pellets.
2025 AMBITIONS
AND TARGETS
• Continue to expand DR pellet
customer portfolio and
production.
Read more
Pages 20-29
14
Ferrexpo plc
Annual Report & Accounts 2024
Strategic Framework
Low cost
operations
Conserve the integrity of
our assets and continue
investing to maintain
competitive cost of
production.
World-class
customer
network
Working in partnership
with our customers to
improve efficiencies
and decarbonise steel
production.
Disciplined
capital
allocation
Prudent capital
framework that balances
operational and societal
demands during a time
of war.
Focus on
sustainability
Through sustainable,
ethical partnerships,
realise value for all
stakeholders, prioritising
support for Ukraine
during a time of war.
2024 PROGRESS
AND HIGHLIGHTS
• C1 costs increased 10% to
US$84 per tonne due to higher
electricity tariffs.
• Fixed overheads reduced
on a unit basis due to a 66%
increase in production.
• Logistics costs reduced on a
unit basis.
• Cost savings programme
strengthened.
• More stable supply chain
eased procurement risks
for key consumables.
2024 PROGRESS
AND HIGHLIGHTS
• Reopening of Ukrainian Black
Sea ports enabled expansion
of sales.
• Restoration of supplies to
existing and new customers
in Europe, MENA and Asia.
• MoUs signed with premium
customers to deepen
co-operation, in particular
for lower carbon iron ore
feedstocks.
• Meetings around the world with
existing and potential customers.
• Attendance at global iron ore
and steel industry events.
2024 PROGRESS
AND HIGHLIGHTS
• Increased production boosted
sales revenue, offsetting higher
costs.
• Focus on expanding premium
products enhanced total sales
margins.
• Shorter production and
logistics periods permitted
some strategic pricing.
• US$108 million capital
investment.
2024 PROGRESS
AND HIGHLIGHTS
• Safety performance below the
five-year trailing average.
• Zero fatalities for the fourth
consecutive year.
• Publication of second Climate
Change Report determined and
on track to realise Net Zero
pathway, even in a prolonged
war scenario.
• Publication of eighth
Responsible Business Report
framed by a Double Materiality
Assessment.
• Scope 1 and 2 emissions
increased due to the mandatory
requirement to import up to
80% of electricity from
carbon-intensive sources
outside of Ukraine.
2025 AMBITIONS
AND TARGETS
• Ensure flexible operations that
adapt to customers’ needs.
• Continue to implement
cost-saving initiatives across
the Group’s operations.
• Work with peers, industry
associations and government
agencies to improve electricity
import tariffs.
2025 AMBITIONS
AND TARGETS
• Continue to export through the
Black Sea, providing it is safe.
• Focus on expanding higher
margin products sales.
2025 AMBITIONS
AND TARGETS
• Continue to rigorously monitor
capital allocation in a highly
disciplined manner.
2025 AMBITIONS
AND TARGETS
• Continue strong safety
performance
• Continue to respond to the
needs of our workforce and
local communities during a
time of war.
Read more
Pages 20-25
Read more
Pages 26-29
Read more
Pages 49-53
Read more
Pages 30-35
15
Financial StatementsCorporate GovernanceStrategic Report
2020 859
2021 1,439
2022 765
2023 98.9
2024 69.8
20212020 2022 2023 2024
0
300
600
900
1,200
1,500
Measuring our
performance
Underlying EBITDA
US$69
M
2024 PERFORMANCE
Underlying EBITDA in 2024 fell 30% to
US$69 million. This is due mainly to increased
sales volumes, although it also reflects
deteriorating realised prices and pellet
premiums throughout the year, and a 10%
increase in C1 costs.
Underlying EBITDA also includes operating
foreign exchange gains of US$83 million in
2024 compared to US$31 million in 2023.
These foreign exchange differences are due
largely to the fluctuation of the exchange rate
of the Ukrainian hryvnia against the US dollar.
The primary KPIs that we
use to measure and
report our annual
performance are divided
into two categories:
financial and non-financial.
Our financial KPIs provide a snapshot of
our financial performance and include
four measures:
1. Underlying EBITDA: a way to measure
how much money we make from our
business activities.
2. Profit or loss after tax: how much money
is left after all costs, including taxes.
3. Net cash flow from operating activities:
the amount of cash we made, adjusting
for non-cash items, from our day-to-day
operations.
4. C1 costs: the basic essential costs to
produce one tonne of our products. This
is an average cost of the many different
products that we produce, some of which
are of higher value and therefore incur
higher costs of production.
Except for the Net cash flow from operating
activities figure, all other financial metrics are
Alternative Performance Measures (“APMs”).
APMs are not uniformly defined by all
companies, including those in the Group’s
industry. Accordingly, the APMs used by the
Group may not be comparable with similarly
titled measures and disclosures made by
other companies. APMs should be considered
an additional way of disclosing financial
performance, rather than a substitute or a
superior measure according to the same
numbers that are also reported in this report
in accordance with IFRSs. Definitions of our
APMs can be found on page 237 of this report.
The four non-financial principal KPIs that the
Group reports include:
5. Lost-time injury frequency rate (“LTIFR”):
a metals and mining industry standard
for measuring the workforce operational
safety performance.
6. Diversity in management roles: our chosen
DEI metric to track progress with our
broader ambitions.
7. Greenhouse gas emissions: a measure
of our CO
2
emissions on the basis of a
kilogram of unit production, to track our
progress against our Net Zero pathway.
8. Sales volume by region, which we share
to provide more detail than our total
sales and break down to show how we
are progressing our strategic intention
to sell higher margin products to
premium customers.
These non-financial KPIs represent a broad
snapshot of our approach to responsible
business, DEI, climate change, and
commitment to enabling our customers’
transition to green steel.
This is the third consecutive year that we have
reported these KPIs. Not every year shows an
increase or an improvement, which is why in
the descriptions we detail what worked, and
what didn’t. In the spirit of transparency, we
will continue to report these numbers against
the four proceeding years so that our progress
can be tracked.
Financial KPIs
LINK TO STRATEGY AREAS:
More information on Underlying EBITDA can be
found on page 33
2025 OUTLOOK
The future performance of the Group is largely
dependent on the ongoing war in Ukraine and
the levels of achievable sales due to logistics
restrictions. The market outlook for iron ore
prices and pellet premiums is subdued due to
prevailing weakness in steel markets,
especially in Europe, and expectations of
higher exports of lower grade iron ore supply
from Australia, Brazil and West Africa.
Ferrexpo plc
Annual Report & Accounts 2024
16
Key Performance Indicators (“KPIs”)
2020 687
2021 1,093
2022 301
2023 101
2024 100
20212020 2022 2023 2024
0
300
600
900
1,200
1,500
2020 635
2021 841
2022 220
2023 -84.8
2024 -45.1
20212020 2022 2023 2024
-200
0
200
400
600
800
1,000
2020 41.5
2021 55.8
2022 83.3
2023 76.5
2024 84
20212020 2022 2023 2024
0
20
40
60
80
100
Net cash flow from operating activities
US$92
M
C1 cash cost of production
US$83.9/t
2024 PERFORMANCE
The Group reported a loss of US$50 million
for the year. This is largely due to a non-
cash impairment loss of US$72 million. This
compares to a loss of US$85 million in 2023,
due largely to provisions for ongoing legal
proceedings and disputes in Ukraine totalling
US$131 million. The improvement for 2024 is
due to higher sales volumes, albeit at lower
margins. Group taxation for 2024 increased
due to the gradual introduction of the OECG
and G20 ‘Global Minimum Tax Rate’ of 15%
which affects the Group’s sales and bases in
the UAE and Switzerland. The Group effective
tax rate increased from 26.1% in 2023 to
33.7% in 2024.
2024 PERFORMANCE
The net cash flow from operating activities for
the year was US$92 million, slightly lower than
in 2023. Despite lower operating cash flow, this
was offset by positive effects from working
capital movements as of 31 December 2024.
Despite this, the Group maintained a closing
balance of cash and cash equivalents at
US$106 million as of 31 December 2024
(2023: US$115).
2024 PERFORMANCE
The average C1 costs for 2024 increased 10%
to US$83.9 per tonne compared to US$76.5
per tonne in 2023. The main reason for the
increase was higher electricity prices because
of requirements to import up to 80% of
electricity from Ukraine’s neighbours at higher
tariffs than domestically produced electricity.
An increase in production volumes helped
to absorb large fixed overheads, however, as
the Group continues to operate at below full
capacity, absorption continues to be below the
full capacity potential.
Profit/(Loss) after tax
-US$50
M
Financial KPIs
LINK TO STRATEGY AREAS: LINK TO STRATEGY AREAS:LINK TO STRATEGY AREAS:
More information on profits and losses can be
found on page 34
More information on net cash flow from operating
activities can be found on page 34
More information on C1 cash costs of production
can be found on page 32
2025 OUTLOOK
Like other factors, the Group’s outlook for the
year ahead is heavily dependent on the war.
In 2025, it is anticipated that the Group may
be affected by subdued demand for iron ore
and persistent lower prices. In addition, the
effective tax rate of the Group will increase
further due to the gradual increases in the
Global Minimum Tax Rate.
2025 OUTLOOK
The Group’s financial performance, including
net cash flow from operating activities, is
dependent on the ongoing war, with a wide
range of potential outcomes.
The Group continues to focus on higher-grade
and higher-quality beneficiated iron ore
products, which generate higher margins and
differentiate the Group from its peers, and
allow the Group to remain more competitive
throughout the commodities cycle.
2025 OUTLOOK
The war in Ukraine affects a range of
production outcomes and the Group will
likely continue to operate below full capacity.
Continued attacks on Ukrainian energy
infrastructure are likely to result in an ongoing
need to import power, and supply chains
for key consumables will continue to be
constrained.
Corporate Governance Financial Statements
17
Strategic Report
2020 18.2
2021 20.1
2022 20.9
2023 22.3
2024 22.9
20212020 2022 2023 2024
0
5
10
15
20
25
2020 0.79
2021 0 . 41
2022 0.51
2023 0.37
2024 0.54
20212020 2022 2023 2024
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2020 110
2021 92
2022 91
2023 89
2024 94
20212020 2022 2023 2024
0
20
40
60
80
100
120
2024 PERFORMANCE
Safety is the Group’s highest priority. The
Group’s LTIFR has remained at a relatively
low level for approximately five years, falling
from an average of 1.18 (2016–2018) to an
average of 0.54 for 2024, above the Group’s
historical five-year trailing average of 0.52. It
is also higher than the 0.32 reported in 2023.
This is due to an increase in reported injuries
during the year. The Group’s operations have
remained fatality-free for more than four
successive years.
2024 PERFORMANCE
Female representation in managerial positions
increased to 22.9% in 2024, compared to
22.3% in 2023, following a multi-year trend
from 18% in 2019. The Group target is 25%
by 2030.
Ferrexpo has initiatives to promote diversity
in many forms – including based on gender,
disability, sexual orientation and cultural
diversity. Gender diversity is measured
in several ways, including total workforce
and female representation in management
positions. The Group chooses to focus on
female representation in management roles
as a reporting metric, as it is a reflection of
women progressing their careers at Ferrexpo.
2024 PERFORMANCE
Scope 1 and 2 emissions per tonne (unit basis)
increased by 5% to 94kg/t 2024, compared to
89kg/t in 2023. The increase mainly reflects a
mandatory requirement in Ukraine to import
up to 80% of the operation’s electricity
needs from abroad. This is generated mostly
from carbon-intensive sources, in contrast to
domestic electricity generated from cleaner
sources including hydro and nuclear power.
Absolute Scope 1 and 2 emissions increased
by 64% year-on-year, reflecting higher overall
production in the year.
During the year, the Group produced 489,720
DR pellets, a record amount even for years
before the full-scale invasion. Consequently,
Scope 3 emissions on a unit basis decreased
to 1.31 tCO
2
/t of pellet production from
1.32 tCO
2
/t in 2023. Absolute Scope 3
emissions increased 11% year-on-year,
reflecting higher overall pellet production
and increased seaborne logistics.
Non-financial KPIs
More information on health and
safety can be found on
page 46
More information on diversity in our
workforce can be found on
page 47
More information on greenhouse gas emissions
can be found on pages 49 to 51 and also the
Group’s second Climate Change Report
Lost-time injury frequency rate (“LTIFR”)
0. 54 LTIFR
Diversity in management roles
22.9% female
Greenhouse gas emissions
94kg/t
LINK TO STRATEGY AREAS: LINK TO STRATEGY AREAS:LINK TO STRATEGY AREAS:
2025 OUTLOOK
The Group has maintained a low level of
injuries and injury incidents in recent years.
The Group aims to continue this progress,
through targeting zero lost-time injuries.
In 2022, Ferrexpo introduced a ‘Zero Harm’
policy that aims to ensure all workers return
home safely from every shift.
2025 OUTLOOK
The Group’s diversity programme is targeting
female representation across departments
and levels within our organisation. Our lead
programme for promoting gender diversity in
management roles is our Fe_munity Women in
Leadership programme (“Fe_munity”), which
is now in its fifth year of selecting and training
high potential future female leaders of our
business. This programme has trained over
200 participants since its inception.
2025 OUTLOOK
The Group aims to continue its
decarbonisation pathway, although a
protracted war may require some revisions
to targets. The current targets include a 50%
reduction in Scope 1 and 2 emissions by 2030.
Due to the war in Ukraine, it is difficult to
estimate short-term outcomes in emissions
reduction, but we remain focused on our goal
to decarbonise.
Ferrexpo plc
Annual Report & Accounts 2024
18
Key Performance Indicators (“KPIs”) continued
0
20
40
60
80
100
120
20212020 2022 2023 2024
Asia Europe
MENA Other
2024 PERFORMANCE
Group sales increased by 64% to 6.8 million
tonnes compared to 4.2 million tonnes in
2023, due mainly to the reopening of Ukrainian
Black Sea ports. This provided the Group with
the opportunity to increase sales to customers
in MENA and Asia using larger vessels, and also
to switch some sales to European customers
from more costly rail and barge to lower cost
seaborne routes.
As a result, in 2024, sales to European
customers increased by 26% to 5.3 million
tonnes compared to 4.2 million tonnes in
2023. During this period, relationships with
our premium European customers deepened
during the year with the signing of several
MoUs to explore DR pellet sales, enhance
pellet quality and explore the decarbonisation
of logistics routes. MoUs were also signed with
customers in Asia and MENA.
More information on sales and
marketing can be found on
pages 26 to 29
Sales volumes
64% increase
LINK TO STRATEGY AREAS:
1. The Group’s definition of Europe includes sales to Turkey
2025 OUTLOOK
As long as it remains safe and economic to do
so, the Group intends to continue exporting
its products from Ukrainian Black Sea ports.
This means that, whilst Europe remains a
core regional market, the Group is aiming to
continue sales to Chinese and other Asian
customers, and to its growing customer base
in MENA.
Corporate Governance Financial Statements
19
Strategic Report
United by our
shared goals
20
Ferrexpo plc
Annual Report & Accounts 2024
Operational Review
As access to Ukrainian Black Sea ports
reopened towards the end of 2023, our
mining, processing, beneficiation and logistics
teams worked around the clock to bring
back idled production capacity for seaborne
export. This meant that we were able to start
2024 on a strong footing, with a threefold
increase in production in the first quarter of
2024, compared to the last quarter of 2023.
This was a significant achievement due to the
challenging circumstances war imposes on the
workforce, and operations had to deal with
power constraints due to relentless attacks
on Ukraine’s energy grid.
HEALTH AND SAFETY
In 2024, the Group recorded a fourth
successive fatality free year. The average
recorded lost-time injury frequency rate
(“LTIFR”) for the year was 0.54, higher than the
0.32 recorded last year, and above the 5-year
trailing historical average of 0.52 due to an
increase in recorded injuries.
RESERVES AND RESOURCES
Ferrexpo controls licences covering a series
of contiguous deposits located along the
Kremenchuk Magnetic Anomaly, a magnetite
deposit that extends for more than 50
kilometres. The Group has mines on three
deposits and additional licences for deposits
contiguous with our existing operations.
Across the Group’s three active mines, JORC-
compliant Ore Reserves at 1 January 2025
are estimated to be 1,595 million tonnes of
iron ore, with an iron (“Fe”) content of 32%
Fe (2023: 1,615 million tonnes grading 32%
Fe). The JORC-compliant Mineral Resource
estimate across our three mines is 5,717 million
tonnes of iron ore, with an iron content of 32%
Fe (2023: 5,737 million tonnes grading 32%
Fe), which is inclusive of Ore Reserves.
More information detailing the Group’s JORC-
compliant Ore Reserves and Mineral Resources
as at 1 January 2024 is detailed in this report,
including a new section detailing how we
updated our Reserves and Resource models
during the year.
MINING ACTIVITIES
In 2024, mining operations were sustained
with limited interruption, achieving targets and
maintaining higher productivity levels despite
the challenges.
Timely repairs and maintenance played an
important part in maintaining a high level
of equipment reliability and availability. All
necessary maintenance work is carried out
in accordance with the regulations and in
full, which ensured that production targets
were achieved.
A critical factor in stable operation is the
supply of spare parts and consumables.
In 2024, the Company did not face any
interruptions in the supply of components,
which allowed us to maintain equipment
in proper technical condition and avoid
unplanned downtime.
PROCESSING AND
BENEFICIATION ACTIVITIES
During 2024 the main factor determining
production stability was the reliable supply of
electricity. Due to intense attacks on Ukraine’s
power grid, the Group needed to import
electricity from abroad, especially during
cold weather periods. To mitigate this, special
systems were implemented to run additional
equipment through the night to accumulate
concentrate stocks for the next day and
reduce the risk of pellet production losses due
to the potential power shortages.
In 2024, vacuum filtration technology was
introduced after the successful launch of press
filtration. This solution is intended to further
enhance product quality and optimise
production processes. Despite all the challenges,
approximately 90% of the processing complex
equipment is fully operational, which helping to
maintain efficiencies.
UKRAINIAN LOGISTICS
Despite many logistics challenges, in particular
transporting goods through the Odesa region,
the Company managed to ensure a stable
transportation process throughout 2024. 84%
of all domestic rail transport was performed
by the Group’s own rail wagon fleet with only
16% using third-party providers.
Our own repair facilities played an important
part in ensuring uninterrupted transportation.
The Company’s existing facilities almost
completely cover the needs for maintenance,
repair and refurbishment of rail wagons,
which reduces dependence on external
contractors and ensures a high level of
rolling stock availability.
An important factor that could affect future
costs is the initiative of state rail company,
Ukrzaliznytsia, to index tariffs, which is likely to
lead to higher freight costs. Ferrexpo is
carefully analysing the potential impact of this
decision and considering ways to minimise
costs.
BELANOVO UPDATE
Due to the martial law on the territory of
Ukraine, the mining operations at Belanovo
are paused.
The expiry date of Belanovo deposit licence
was 20 December 2024. However, and based
on the existing Ukrainian legislation, the
validity period of the Special permit No.3572
for Belanovo deposit has been automatically
extended until the end of the martial law
period (9 May 2025). It is anticipated that a
further six months will be available to submit
an application for extension.
In early 2024, geological and economic
re-estimations of the Belanovo Deposit Mineral
Reserves were conducted. The results of the
geological and economic re-estimations were
approved by the State Commission of Ukraine
on Mineral Resources. According to the results
of the re-estimations the licence area of
Belanovo Deposit was reduced from 989 to
716 hectares, the area of the Belanovo Deposit
contour was reduced, lean ores (K232 and
K233) were written off, and the volume of the
balance Mineral Reserves of Belanovo Deposit
was reduced from 1,706 Mt to 614 Mt. In
February 2025, the Ukrainian Geological
Survey provided the original of the updated
Special permit No. 3572 for Belanovo Deposit.
FBM continues the works with the State
Authorities and Ukrainian business associations
regarding the extension of Belanovo Deposit
licence due to the extension of martial law
period and amendments to the Subsoil Code
of Ukraine to provide the possibility of the
extension of the special permit.
During the year, the first volunteer firefighting
team, which consists from FBM employees,
was established at the enterprises of the
mining industry of Ukraine. The team was
involved extinguishing fires the result of the
shelling of the critical infrastructure facilities
in Kremenchuk District.
GROWTH PROGRAMME
The Group’s expansion and decarbonisation
programmes remain longer-term objectives.
The initial Wave 1 programme to add 3 million
tonnes production capacity a year continues to
be reviewed. Desktop work, including
optimisation studies, is ongoing. However,
wherever possible, investment has been
deferred. Nevertheless, despite the ongoing
war, various capital expenditure projects
aimed at improving product quality and
efficiencies have advanced. For example, the
Company installed technology in the pellet
workshop to strengthen finished pellets, whilst
increasing productivity and reducing iron
losses, to generate cost savings and a
reduction in Scope 1 emissions.
For more information on our plans to electrify
the mining fleet please see the case study the
‘Green Mine Initiative’ in this report.
During 2024, the Group
increased production
significantly, operating
two mines and up to
three of four pelletiser
lines to achieve
production of 6.9 million
tonnes of high-quality
iron ore products.
Viktor Lotous
Head of Ferrexpo’s Operations in Ukraine
(Ferrexpo Poltava Mining General Director)
Financial StatementsCorporate GovernanceStrategic Report
21