April 23, 2024

Due to the opportunity to export iron ore products through deep-sea Ukrainian ports, in the first quarter of 2024, the Ferrexpo company significantly increased production and sales volumes.

In the first quarter of 2024, Ferrexpo produced almost 2.1 million tons of iron ore concentrate and pellets, three times more than in the previous quarter and 115% more than in the corresponding period of 2023.

The level of production in the reporting quarter was close to the indicator of the second quarter of 2022:

The volume of Ferrexpo sales in the first quarter of 2024 amounted to almost 2 million tons, which is not significantly different from the production figures.

It is interesting that in previous periods the situation was somewhat different. In the third quarter of 2023, Ferrexpo's production volumes were significantly higher compared to sales volumes - the company increased its inventory stock in anticipation of electricity shortages in winter 2024.

In the fourth quarter of 2023, on the contrary, the volume of production was significantly lower vs. the volume of sales (during this period, Ferrexpo have not yet started to export iron ore products through deep-sea ports) - the company sold its stocks forned in Q3.

Given the still good global prices for iron ore at the beginning of 2024, we can expect good financial results for the company in the reporting period.

In 2023, Ferrexpo's EBITDA amounted to $130 million (compared to $765 million in 2022), operating cash flow - $101 million, net loss - $85 million (due to the accrual of provisions for the ongoing litigations in the amount of $131 million).

As of the end of 2023, the company had almost no debt, and the amount of cash on the balance sheet was $108 million (almost unchanged from a year ago).