Ferrexpo plc (GB:FXPO) has released an update.
Ferrexpo plc, a leading iron ore pellet producer, has demonstrated resilience and adaptability in its first full year of operation amid the ongoing war, achieving production and sales of over four million tonnes. Despite logistical constraints and a decrease in average iron ore prices, the company managed to generate revenues of US$652 million and an underlying EBITDA of US$130 million. However, provisions totaling US$131 million for potential negative outcomes in two legal cases led to a reported loss of US$85 million. The company has worked tirelessly to protect its people and assets while contributing significantly to local communities and the national economy. The new year has begun with increased demand, allowing the company to start a third pelletiser line, enhancing production flexibility and broadening its product mix.
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