Ferrexpo plc is a

Swiss Swiss most commonly refers to: * the adjectival form of Switzerland * Swiss people Swiss may also refer to: Places * Swiss, Missouri * Swiss, North Carolina * Swiss, West Virginia * Swiss, Wisconsin Other uses * Swiss Café, an old café located ...

-based commodity trading and mining company which is the third largest exporter of iron ore pellets in the world. Ferrexpo's operating base is in central

Ukraine Ukraine is a country in Eastern Europe. It is the List of European countries by area, second-largest country in Europe after Russia, which Russia–Ukraine border, borders it to the east and northeast. Ukraine also borders Belarus to the nor ...

, where it operates three

iron-ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the f ...

mines and an iron ore pellet production facility. The company's trading office is located in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

where it is listed on the

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and is a constituent of the

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. It is also a constituent of the

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History

The business was founded by the

Soviet The Union of Soviet Socialist Republics. (USSR), commonly known as the Soviet Union, was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 until Dissolution of the Soviet ...

government in 1960 as the " Poltava Mining and Extraction Combinat" to exploit

iron ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the f ...

reserves in

Horishni Plavni Horishni Plavni (, ), before 2016 known as Komsomolsk-na-Dnipri () or simply Komsomolsk (), is a purpose-built mining city in central Ukraine, located on the left bank of the Dnieper, in Kremenchuk Raion of Poltava Oblast, practically conurba ...

(formerly Komsomolsk),

. In 1977 it started selling its product in the form of

iron ore pellets Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the f ...

. In June 2007, Ferrexpo plc was listed on the London Stock Exchange, producing 8.6 million tonnes of iron ore pellets in the year prior to listing. In 2008 and 2009 the company established additional new complexes around

and

Kremenchuk Kremenchuk (; , , also spelt Kremenchug, ) is an industrial city in central Ukraine which stands on the banks of the Dnieper, Dnieper River. The city serves as the administrative center of Kremenchuk Raion and Kremenchuk urban hromada within ...

. In 2011, the Company opened its second iron ore mine, the Yeristovo mine, which is located immediately north of the Company's main iron ore mine - the Poltava iron ore mine. Upon opening Yeristovo, Ferrexpo became the first company to open a new mine in Ukraine since the country's independence. Ferrexpo pellets

In March 2019 the company delayed publication of its results pending an investigation into charitable donations in

. In April 2019 its auditors

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resigned, with Ferrexpo's former chief financial officer selling £400,000 of shares the day before the announcement. In August 2019 Ferrexpo announced that the charitable donations may have been misappropriated; it had donated $24 million to the charity in 2017 and $9.5 million in 2018. In October 2019, the CEO, Kostyantyn Zhevago, stood down from his post, following allegations of the embezzlement of $113 million from the Finance & Credit Bank. Following Zhevago's departure, Jim North became acting CEO; the company announced his appointment as permanent CEO in February 2022.

Operations

Ferrexpo produces iron ore pellets, which are used in the global steel industry to produce high quality types of steel. Iron ore pellets are the highest quality form of iron ore that steel producers can utilise, offering steel producers the opportunity to improve blast furnace productivity, whilst simultaneously reducing carbon emissions by at least 30% for every tonne of pellets used instead of the more commonly used sinter fines, which are typically lower grade and require sintering prior to charging into the blast furnace. The Company, which sells most of its product to steel mills of

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and

Asia Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which ...

, is organised into the following units: *

mining Mining is the Resource extraction, extraction of valuable geological materials and minerals from the surface of the Earth. Mining is required to obtain most materials that cannot be grown through agriculture, agricultural processes, or feasib ...

Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...

- home base *

- registered office, trading *

Dubai Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...

- distribution and sale *

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

- distribution and sale *

Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...

- distribution and sale *

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- distribution and sale The company's mining components are all based in

central Ukraine Central Ukraine (, ) consists of historical regions of left-bank Ukraine and right-bank Ukraine that reference to the Dnieper River. It is situated away from the Black Sea Littoral North and a midstream of the Dnieper River and its basin. The ...

and consist of: * Poltava Mining and Enrichment Complex (1970s),

* Yeristovo Mining and Enrichment Complex (2008), Yerystivka village,

Kremenchuk Raion Kremenchuk Raion () is a raion (district) in Poltava Oblast, central Ukraine. The raion's administrative center is the city of Kremenchuk. Population: On 18 July 2020, as part of the administrative reform of Ukraine, the number of raions of Polt ...

(see: Yeristovskoye mine) * Belanovo Mining and Enrichment Complex (est. 2009, under construction), Bazaluky village and Nova Haleshchyna,

(see: Belanovskoye mine) Additionally, the company owns several nearby iron deposits which are not yet being actively exploited. From north to south, these are: * Brovarkovskoye mine * Manuilovskoye mine * Kharchenkovskoye mine * Vasilievskoye mine * Zarudenskoye mine

Ownership

The founder, Kostyantyn Zhevago, owns 50.3% of the company. Kostyantyn Zhevago was arrested in December 2022 under an international arrest warrant, he is wanted in Ukraine in a major embezzlement case.

References

External links

Official site
{{Authority control Non-renewable resource companies established in 1960 Iron ore mining companies Companies listed on the London Stock Exchange Economy of Poltava Oblast Metal companies of Switzerland Mining in Ukraine 1960 establishments in Ukraine Companies based in the canton of Zug Companies in the FTSE 250 Index