Highlights 2011

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Key Figures

Full Capacity

Production volumes from own ore

Production of 9.1 million tonnes (2010: 9.0 million tonnes)

5%

Production of Premium 65% Fe pellets (own ore)

Ferrexpo produced 4.3 million tonnes of higher quality 65% Fe pellets

2%

Sales volumes

Sales volumes increased 2%
to 9.8 million tonnes

38%

Revenue

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

37%

EBTIDA1

Group EBITDA increased to
US$801 million (2010: US$585 million)

34%

Diluted earnings per share

Group diluted EPS increased to 97.0 US cents per share (2010: 72.2 US cents per share)

6.6

Total dividend per share

Final dividend of 3.3 US cents per share in line with 2010

75%

Capital investment as % of net operating cash flows

Capital investment increased to US$378.3 million (2010: US$166.8 million)

23%

Net debt

Net debt reduced to
US$80.2 million (2010: US$104.4 million)

1The Group calculates EBITDA as profit from continuing operations before tax and finance plus depreciation and amortisation and non-recurring exceptional items included in other income and other expenses, and the net of gains and losses from disposal of investments, property, plant and equipment.