Operations and Corporate Update

Ferrexpo PLC

09 March 2026

 

9 March 2026

Ferrexpo plc

("Ferrexpo", the "Group" or the "Company")

Operations and Corporate Update

Ferrexpo plc (LSE: FXPO) provides an update on its operations in Ukraine and a corporate update in relation to its Swiss subsidiary, Ferrexpo AG ("FAG").

Update on operations in Ukraine

Following the temporary suspension of operations announced on 20 January 2026, improvements in the availability and price of domestic and imported electricity supply has permitted the restart of production at FPM. 

At the present time, one pellet line is in operation. The Group is using its own fleet of rail wagons to export to customers in Eastern and Central Europe.

Commenting on the production restart, Lucio Genovese, Interim Executive Chair, said:

"It is pleasing that with the onset of spring in Ukraine, we have been able to restart our operations and produce and export our premium iron ore products. Following intense attacks on Ukrainian power generation and transmission infrastructure, we are grateful for the hard work across the country that has enabled repairs to be completed quickly. I am also grateful to colleagues who have worked tirelessly to restart the operations of one pelletiser line. This demonstrates, once again, our ability to be flexible and agile in a very challenging environment."

Update regarding Swiss subsidiary

Ferrexpo also provides an update on its Swiss subsidiary, Ferrexpo AG.

In the ordinary course of its activities, FAG has a number of banking relationships, including one with MBaer Merchant Bank AG ("MBaer"), which has recently had its licence revoked and has been ordered to liquidate by the national banking regulator, the Swiss Financial Market Supervisory Authority ("FINMA").

MBaer was used by the Group to make commercial payments outside of Ukraine. FAG holds approximately US$3 million with MBaer and this amount makes up part of the Group's net cash resources of approximately US$30 million as at 27 February 2026. According to the public statement of the liquidators of MBaer, sufficient assets are available to satisfy all clients and creditors in full and therefore FAG currently expects to recover its deposit with MBaer in full, although the timing of being able to do this is currently unknown.

The revocation of MBaer's licence does not affect FAG or the Group's relationships with its other banking partners and is not expected to have a material impact on the Group's operating subsidiaries in Ukraine. Despite the liquidation of MBaer, the Company has made certain payments outside of Ukraine, although it is limited in its ability to do so.

Management is actively exploring alternative banking options so that FAG can continue to make commercial payments on behalf of the Group, but these discussions are and historically have been complicated by the issues surrounding one of the beneficiaries of The Minco Trust, which is the owner of Fevamotinico S.a.r.l.

Unless the Group is able to arrange alternative banking arrangements outside of Ukraine, there is a risk of material negative consequences for the Group.

The Company will provide a further update as and when appropriate.

This announcement contains inside information. The person responsible for the release of this announcement is Mark Gregory, Group Company Secretary.

For further information please contact:

Ferrexpo:
Nick Bias	[e-mail]	[phone]
Tavistock:
Jos Simson	[e-mail]	[phone]
Gareth Tredway		[phone]

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 All-Share index. The Group produces high grade iron ore products, which are premium products 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 the full-scale invasion of Ukraine in February 2022, the Group was the world's third largest exporter of iron ore pellets. The Group has a global customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com.

 

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