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Ferrexpo expects volatility in the iron ore market and postpones the payment of dividends

Mining industry / Ukraine

Board of Directors Ferrexpo has postponed its decision on the final ordinary and special dividend to the time when the situation on the market and the impact of the virus COVID-19 will become more clear.

Ferrexpo expects volatility in the iron ore market and postpones the payment of dividends

Mining company Ferrexpo with assets in Ukraine announced it expects short-term volatility in the iron ore market, since the high levels of reserves are accumulated during this period will be in the supply chain after the resumption of normal operation.

According to the company, the spread of the virus in Europe may lead to further economic uncertainty.

"Given this General market uncertainty, the Council postponed its decision on the final ordinary and special dividend until the proper time, when the situation on the market and the impact of the virus COVID-19 will become more clear", - is spoken in the message of Ferrexpo.

Revenue Ferrexpo in 2019 increased by 18% to 1.5 billion USD due to the growth in iron ore prices and increased sales volumes. By the end of 2019, the company received 403,293 million dollars in net profit, which is 20.3% higher than in 2018.

EBITDA increased by 17% to 586 million US dollars. The company increased net cash flow from operations by 62% to 473 million dollars. Capex increased by 83% to $ 247 million.

As reported, Ferrexpo in 2019, reduced the total pellets production by 0.8% compared to 2018 – 518,95 to 10 million tons.

In the January - February 2020 and Poltava Ferrexpo yeristovo mining complexes (PGOK and EGOK) of the company, according to preliminary data, increased production of pellets by 13.7% compared to the same period last year - up to 1,924 million tons.

Ferrexpo is a Swiss iron ore company with assets in Ukraine. The main activity is the manufacture and export of high quality iron ore pellets used in steel production.

PGOK - the underlying asset quoted on the London stock exchange British mining company plc Ferrеxpo: it owns 100% of Ferrexpo AG, which in turn owns 100% of shares in Poltava GOK, 100% of the eristovsky GOK and 99.9% of Belanovsky GOKa.

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