Ferrexpo plc (LSE: FXPO), a producer and exporter of premium iron ore pellets, is pleased to report production results for the fourth quarter and full year to the end of December 2024 (“the quarter" or “4Q” or “4Q 2024” and “FY2024”).
Highlights
- Ferrexpo remains committed to the safety and wellbeing of its workforce and the Group continues to take extensive measures to protect employees, their families and local communities.
- At the end of November 2024, the Group reported a rolling 12-month LTIFR of 0.62, increasing above the historic five-year trailing average of 0.52. Zero fatalities have been reported for over four years.
- The Group has successfully operated two pelletising lines (out of four) during the quarter, despite disruptions to the energy grid, with a focus on higher quality pellets and high grade concentrates.
- Total production for the quarter was 1.8 million tonnes, comprising 1.5 million tonnes of pellets and 0.3 million tonnes of 67% Fe concentrate. Total production for the year to the end of December 2024 was 6.9 million tonnes, a 66% increase compared to the comparable period last year.
- Production of Ferrexpo DR pellets (FDP) continued during the quarter, with a record total of 0.5 million tonnes produced for the year.
- As at 31 December 2024, the Group net cash position was approximately US$99 million (31 December 2023: US$108 million), with minimal lease obligations, subject to potential final year-end adjustments, and no debt.
- Re-entry in the FTSE 250 index at the end of December.
Summary production statistics
| (tonnes, unless otherwise stated) | Fe Grade | 4Q 2024 | 3Q 2024 | Change | FY 2024 | FY 2023 | Change |
| Total commercial production | 1,769,073 | 1,393,811 | +27% | 6,889,879 | 4,152,028 | +66% | |
| Total pellet production | 1,503,373 | 1,269,727 | +18% | 6,070,541 | 3,845,325 | +58% | |
| DR pellets (FDP) | 67% | 163,552 | 163,523 | 0% | 489,720 | 0 | - |
| Ferrexpo premium pellets | 65% | 1,204,380 | 944,279 | +28% | 4,984,990 | 3,795,414 | +31% |
| Other pellets | 65% | 135,441 | 161,925 | -16% | 595,831 | 49,911 | +1,094% |
| Commercial concentrate | 67% | 265,700 | 124,084 | +114% | 819,338 | 306,703 | +167% |
Link to full PDF version of this release: click here
For further information, please contact:
Ferrexpo:
Nick Bias
[email protected]
+44 (0)7733 177 831
Tavistock:
Jos Simson / Gareth Tredway
[email protected]
+44 (0)7899 870 450 / +44 (0)7785 974 264
About Ferrexpo:
About Ferrexpo: Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a listing in the equity shares commercial companies category on the London Stock Exchange (ticker FXPO) and a constituent of the FTSE 250 and FTSE4Good indices. The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo’s operations have been supplying the global steel industry for over 50 years. Before Russia’s full-scale invasion of Ukraine in February 2022, the Group was the world’s third largest exporter of pellets. The Group has a global customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com.
Notes:
Please note that numbers may not add up due to rounding and all numbers contained herein may be subject to adjustment. The Company will report Financial Results for the year ended 31 December 2024 on 12 March 2025.