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- The iron ore miner has a record workforce of 709 employees serving in the conflict
- Ferrexpo has maintained operations since the start of the war.
Ferrexpo’s commitment to maintaining mining operations is an important contribution to Ukraine, its chief executive said, as the war in the country enters its 1,000th day.
The iron ore miner now has 709 employees serving in the Ukrainian Armed Forces, more than at any time since the February 2022 Russian invasion, with 154 veterans returning safely to work and Forrexpo mourning the loss of 44 colleagues.
Ferrexpo has continued to operate its iron ore mines in Ukraine despite the war, but the conflict has continued to cause disruptions to its supply lines.
A report by steel industry consultancy GMK Center from earlier this year shows that Ukraine’s iron ore production is down 60 percent in 2023 compared to pre-war volumes.
Lucio Genovese, CEO of Ferrexpo, said: ‘One of the greatest contributions we can make is to keep our operations running, so that we are relevant to our 8,000-strong workforce and, in turn, their families and communities.
‘In the first months of 2024, their commitment was evident, when despite the cold and short days of winter, and the constant waves of interruptions due to air attack alerts, they managed to double production.
“By continuing operations, we also remain relevant to our suppliers, the government and our customers.”
Ukrainian iron ore production has fallen sharply since the start of the war.
Ferrexpo has purchased more than $1 billion of goods and services in Ukraine, paid more than $300 million in taxes and royalties, and exported “well over” 10 million tons of iron ore products since it began trading. war, according to Genovese.
It came as he outlined the group’s community efforts in the context of war, including $25 million in humanitarian funding and a new video series commissioned to document veterans’ experiences.
Ferrexpo shares They have been depressed since the start of the war, but received a boost earlier this month after Donald Trump won the US election.
Trump had previously promised to end the war “one day” after taking office.
Genovese said Ferrexpo’s ability to adapt during the conflict and the “resilience” of its people leave it in a good position to recover “as hopes grow for an end to the war.”
He added: ‘The operating environment is difficult due to the war, as well as higher costs and lower market prices. However, we adapted, changed strategy and continued operating.
‘This is a testament to the strength of our collective efforts today and an indicator of the opportunities that lie ahead for the company.
‘My sincere thanks to each and every one of our people on the ground for their commitment to Ferrexpo and Ukraine.
‘Slavic Ukrainian.’
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