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Ferrexpo has identified cybersecurity as the most important factor for the future of the company

Mining industry / Ukraine

Mining Chairman Lucio Genovese outlined the main factors influencing Ferrexpo's operations, which he will present at today's AGM.

Ferrexpo has identified cybersecurity as the most important factor for the future of the company

Cybersecurity is emerging as one of the most important factors affecting the future of mining company Ferrexpo, with the ongoing pandemic causing many workers to work remotely over the Internet.

“With so many of us moving from office to home, cybersecurity is more important than ever. We plan to focus on improving our security standards to ensure continued profitability for our shareholders, ”said Lucio Genovese.

He also noted that Ferrexpo will continue to reduce greenhouse gas emissions and plans to appoint an independent non-executive director for this area.

“We are incredibly proud of the progress we have made in reducing our emissions, and we look forward to a similar trajectory in 2021. Our strong position in corporate governance will also continue and the Board intends to appoint an additional independent non-executive director in due course, ”said the Chairman of the mining company.

According to Lucio Genovese, Ferrexpo has reduced its carbon footprint per tonne of finished iron ore products by 16% in one year during 2020, which is a "fantastic result."

“This underlines the strength of our management team working tirelessly to further reduce these emissions,” he said.

Recall that the government of Ukraine wants to introduce from July 1, 2021, a flexible scale of rent for iron ore raw materials. The annuity rate is pegged to the Chinese index of prices for raw materials with a 62% iron content (IODEX 62% FE CFR China). There are six rates in total - from the maximum 16% (at a price above $ 180 per ton) to 0.1% (below $ 65 per ton). The basis for the calculation will be the price of the final product.

By Australian government forecasts that iron ore prices will drop to $ 55 per tonne next year. Thus, Ukraine will not raise, but will sharply reduce the rental rate for mining companies. Since today it is $ 4 per ton, but if the forecasts of Australian experts come true, it will be $ 0.065 per ton.

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

The majority shareholder of the Ferrexpo group is businessman Konstantin Zhevago.

Ferrexpo is the largest producer and exporter of pellets among the countries of the former USSR. Current production assets are Poltava and Eristovsky GOKs.

According to the results of twelve months of 2020, Ferrexpo Group traditionally became the leader in the export of iron ore pellets. The company has been occupying this place for more than 20 years among the enterprises of the countries of the former USSR.

МЕТАЛЛУРГПРОМ
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