Ferrexpo PLC

Latest Results (23.01.2026):

Ferrexpo PLC — Full Year 2024 results (year ended 31 December 2024): the company recovered materially from constrained post‑invasion levels with production and sales rising to their highest levels since February 2022, driving revenue up 43% to US$933m. Despite stronger volumes (total commercial production 6.89 Mt; sales 6.83 Mt), underlying EBITDA fell to US$69m and the Group reported a US$50m loss mainly because of a US$72m non‑cash impairment; C1 cash costs rose to US$83.9/t. Closing net cash was US$101m and capital investment totaled US$102m. Operations, logistics and market weakness (lower iron‑ore prices and higher freight/insurance and imported electricity costs) remain the key drivers and risks.

Revenue & volumes (FY2024)

Revenue increased 43% to US$933m. Sales volumes were 6.83 Mt (+64% YoY) and total commercial production was 6.89 Mt (+66% YoY) — pellets 6.07 Mt (+58%). The reopening of Ukrainian Black Sea ports supported wider geographic sales into MENA and Asia.

Profitability & impairment (FY2024)

Underlying EBITDA fell 30% to US$69m (margin 7%). Reported loss was US$50m, driven by a US$72m non‑cash impairment on non‑current operating assets; management states that excluding the impairment the Group would have reported a US$22m profit.

Costs (FY2024)

C1 cash cost of production rose 10% to US$83.9/t, driven primarily by the need to import electricity at significantly higher tariffs plus higher consumables, transport/logistics and salary increases; higher volumes only partially offset these cost pressures.

Cash, capex & balance sheet (FY2024)

Capital investment was US$102m (in line with 2023). Closing net cash was US$101m (2023: US$108m). Except for lease liabilities, Ferrexpo had no outstanding interest‑bearing borrowings as at 31 December 2024.

Operations & logistics (FY2024)

Operational flexibility improved: the third of four pelletiser lines was brought back into service, the business operated between one and three lines as needed, and seaborne exports (including capesize vessels) resumed. Direct‑reduction (DR) pellet production restarted (record annual 489,720 t).

Market & freight (FY2024)

The 65% Fe benchmark averaged US$123/t (‑7% YoY) and closed the year at US$114/t (‑26% Jan–Dec). Pellet premiums were weaker; the C3 freight index averaged US$25/t (+19%), increasing freight and insurance costs and compressing realised netbacks.

ESG & safety (FY2024)

No workplace fatalities in 2024; LTIFR averaged 0.54 (up from 0.32). Absolute Scope 1 emissions rose 42% (unit Scope 1 down 9%); Scope 2 absolute emissions rose 102% due to imported, carbon‑intensive electricity; Scope 3 absolute emissions rose 11% but unit Scope 3 fell slightly.

Outlook & key risks (FY2024)

Management gives no production/cost guidance for 2025. Near‑term outlook depends on iron‑ore demand (notably China), freight/insurance trends and the security/logistics situation (Black Sea export access). Ferrexpo highlights operational resilience but flags continued war‑related cost and market risks. Summarized from source with an LLMView Source