Update on vessel incident, logistics & operations

Ferrexpo PLC

05 August 2026

 

5 August 2026

Ferrexpo plc

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

Update on vessel incident, logistics disruption and impact to operations

Ferrexpo plc (LSE: FXPO) provides the following update on the vessel incident and logistics disruption in the Black Sea and the impact on the Group's operations.

Further to the announcement issued on 28 July 2026, the owner of the vessel has pursued different options for the salvage of the third-party owned vessel containing Ferrexpo 'DR-grade pellets' (FDP). Despite the challenging conditions, the vessel was successfully located and has been removed from the war-risk area and is currently towing towards one of the nearest ports on the Black Sea for the required technical inspection and evaluation of the cargo condition.

The ongoing threat of attacks in and around Ukrainian ports has materially restricted the Group's Black Sea export logistics routes. As a result, and to preserve the Group's working capital position, the Company has decided to temporarily suspend production of iron ore products from its mining and pelletising operations in Ukraine. The resumption of production is subject to, amongst other things, an injection of additional working capital.

The Group is currently able to supply its European customers from existing inventory stockpiles.

In the absence of additional funding, the Group expects its net accessible cash resources to be sufficient until mid-September 2026.

This forecast remains subject to the volatility of iron ore pricing, operating expenses (including energy costs), the resolution (or otherwise) of the matters described in this announcement, and the other risk factors and caveats set out in the Company's previous announcements, including the suspension of VAT refunds and the ongoing legal proceedings involving Ferrexpo Poltava Mining.

Further information will be provided 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 via Tavistock
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). 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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