Announcement of Interim Dividend

RNS Number : 4166W

Ferrexpo PLC

22 December 2021

 

22 December 2021     

Ferrexpo plc

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

Announcement of Interim Dividend

Ferrexpo plc (LSE: FXPO), the world's 3^rd largest exporter of high grade iron ore pellets to the global steel industry, is pleased to announce the approval by the Group's Board of Directors ("Board") of an interim dividend of 6.6 US cents per Ordinary Share.

The interim dividend announced today reflects the continued strong operational and financial performance of the Group in respect of the 2021 financial year, in addition to the positive outlook for high grade iron ore pellets, with pellet premiums remaining at elevated levels relative to historic levels. Today's dividend announcement also reflects the strength of the Group's balance sheet, with the Group transitioning to a net cash position in 2021, and follows the Group repaying the remaining balance of its long term debt facility in June 2021.

Following payment of the dividend announced today, total dividends paid to date in respect of performance in 2021 will be 46.2 US cents per Ordinary Share.

The interim dividend announced today will be paid on 28 January 2022 to the Group's shareholders on the register as at the close of business on 7 January 2022. It will be paid in UK Pounds Sterling, with an election to receive in US Dollars.

Jim North, Interim Group Chief Executive Officer, said:

"Ferrexpo has long sought to apply a balanced approach to capital allocation, and today's announcement is a continuation of this approach, with the Group seeking to provide shareholder returns whilst also investing in organic growth opportunities. Today's announcement follows on from the announcement of our Shareholder Returns Policy in November 2021, which outlined the level of dividends that we expect to issue in the normal course of business, with the Group's strong operational and financial performance enabling additional dividends in 2021.

"We have seen continued resilience in the premiums paid for high grade iron ore in 2021, as well as elevated pellet premiums, with both factors driven by the global push to decarbornise steelmaking. With these market factors collectively justifying our long-held strategy to invest in higher grade iron ore pellet production. We will continue to pursue a balance of growth in both volumes and pellet quality, alongside shareholder returns, as we look towards the next phase of Ferrexpo's development."

For further information, please contact:

Ferrexpo:
Rob Simmons	[e-mail]	[phone]
Tavistock:
Jos Simson Gareth Tredway	[e-mail]	[phone] [phone]

 

About Ferrexpo:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for over 40 years. In 2020, the Group produced 11.2 million tonnes of iron ore pellets, a 7% increase on the prior year. The Company is ranked as the world's 3^rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. Ferrexpo has a premium listing on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com .

 

 

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