Ferrexpo plc (LSE: FXPO), a leading producer and exporter of premium iron ore pellets, has announced its production results for the fourth quarter and full year ending December 2024. Here are the key highlights from the report:
Commitment to Safety and Wellbeing
Ferrexpo remains steadfast in its commitment to the safety and wellbeing of its workforce. The company continues to implement extensive measures to protect employees, their families, and local communities. As of November 2024, the Group reported a rolling 12-month Lost Time Injury Frequency Rate (LTIFR) of 0.62, which is slightly above the historic five-year trailing average of 0.52. Notably, the company has reported zero fatalities for over four years.
Operational Resilience
Despite disruptions to the energy grid, Ferrexpo successfully operated two out of four pelletising lines during the quarter. The focus remained on producing higher quality pellets and high-grade concentrates. This operational resilience is a testament to the company’s ability to adapt to challenging conditions.
Production Metrics
- Total production for the fourth quarter was 1.8 million tonnes, comprising 1.5 million tonnes of pellets and 0.3 million tonnes of 67% Fe concentrate.
- For the full year ending December 2024, total production reached 6.9 million tonnes, representing a significant 66% increase compared to the same period last year.
Ferrexpo DR Pellets (FDP)
The production of Ferrexpo DR pellets (FDP) continued during the quarter, with a record total of 0.5 million tonnes produced for the year. This highlights the company’s growing capacity in this segment.
Financial Position
As of 31 December 2024, Ferrexpo’s net cash position stood at approximately US$99 million, slightly down from US$108 million at the end of 2023. The company has minimal lease obligations and no debt, maintaining a strong financial footing.
Market Recognition
Ferrexpo has re-entered the FTSE 250 index at the end of December, reflecting its improved performance and market standing.
These results underscore Ferrexpo’s ability to navigate challenging macroeconomic and operational environments while maintaining a strong focus on safety, quality, and financial stability. The company’s commitment to producing high-grade iron ore pellets continues to support the global steel industry’s transition towards more sustainable and efficient steel production.
