6 April 2018

Total iron ore pellets output made 2.6M tons, by 1.5% lower y-o-y and by 7% lower vs. previous quarter.

Premium 65% Fe pellets made 94% of total production volume.

General Ferrexpo pellets output dynamics during last years looked as follows:

Despite global iron ore price decrease during March, we expect good financial performance of the company in Q1 2018 – according to our estimations EBITDA will be close to $130M (factually the company reports on semi-annual basis, no stand-alone financials for Q1 are to be reported).

Assuming global iron ore index will stay till the end of current year at close to actual $63/t, total Ferrexpo EBITDA in Y2018 will be close to $430-450M ($551M in Y2017), which should be sufficient to meet all obligation of the company in current year (taking into consideration dividends and investment program).

As a reminder in Q2 2018 Ferrexpo plans to realize one of its pellet lines refurbishment, which will have negative influence on total output of the company.

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Ferrexpo reports Y2017 financials