Ferrexpo PLC End of Year Letter
28 Dicembre 2023 - 5:30PM
RNS Non-Regulatory
TIDMFXPO
Ferrexpo PLC
28 December 2023
Ferrexpo plc
Lucio Genovese, Executive Chair, Ferrexpo plc
End of year letter
Baar, Switzerland
28 December 2023
As we reach the end of a second year of war, I would like to
express my gratitude to all those associated with Ferrexpo for
their contribution and continued support over the past 12
months.
Thanks to the heroism of Ukraine's defenders and the resilience
of our employees and local communities in which we operate, the
company's assets remain intact and operational.
Together, we have continued to seek to preserve Ferrexpo's
underlying value as well as the company's significance for the
Ukrainian economy.
Our top priority is still to keep our employees safe and provide
them as far as we reasonably can with the support they need at this
critical moment in Ukraine's history.
We bow our heads in memory of our 34 employees who died in
action to defend Ukraine. May they rest in peace and be remembered
for their extraordinary courage and sacrifice.
We must also acknowledge the 754 Ferrexpo employees who are
currently serving in the armed forces, risking their lives to
uphold Ukraine's sovereignty and independence. In all cases, we are
keeping jobs open for them. We must also continue to support their
families as best we can. We will continue to support our veterans
with reintegration to civilian life when they return to the
workplace.
The main challenge to our business this year has once again been
the limitations on our logistics corridors, which has again forced
us to limit production levels. We have been able to operate one,
sometimes two, of our four pellet lines to match the reduced export
capacity available to us. The lack of access to Black Sea export
routes has sharply reduced opportunities to ship significant
product volumes to the Middle East and Asia.
There have recently been examples of other exporters using a
route through certain Black Sea ports. Ferrexpo plans to resume
this export route and start up an additional pellet line depending
on the ability to export consistently sufficient volumes through
this route on a reliable, safe and cost effective manner.
In view of the hugely challenging situation that we have
continued to face during the past year, I believe that the company
has performed exceptionally well and we should be proud of our
achievements.
As we approach the second anniversary of Russia's full-scale war
on Ukraine, I must thank each and every one of our employees as
well as our local communities for the bravery and resolve they have
continued to show in the face of such fierce adversity.
Slava Ukrainii.
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END
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December 28, 2023 11:30 ET (16:30 GMT)
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