Annual Report and Accounts 2011

Ferrexpo produces iron ore pellets, which are a premium input used in steel production.

Compared with iron ore fines and lump, pellets improve blast furnace productivity in the steel production process.

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Ferrexpo's operations are situated on the Kremenchuk Magnetic Anomaly, a 50 kilometre long iron ore deposit in Ukraine's Poltava region making it the largest iron ore resource in Europe.

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Ferrexpo transports its product via rail and barge to its customers in Central and Eastern Europe and via ocean vessel to seaborne markets around the world. The Group owns 49.9% of a port terminal in Yuzhny on the Black Sea where it has guaranteed shipping capacity of five million tonnes per annum and where it increasingly loads capesize vessels.

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Chairman and CEO

Chairman's and CEO's Statement

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Operating Review

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Finance Review

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Board of Directors

Board of Directors

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Financial Highlights

dividend

Revenue
Group revenue increased to US$1.8 billion (2010: US$1.3 billion)

volume

Capital investment as % of
net operating cash flows
Capital investment increased
to US$378 million (2010: US$167 million)

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Strategic Priorities

1To develop further the Group's significant resource base 2To improve the quality of the Group's pellets View all Strategic Priorities