Ferrexpo


Ferrexpo plc is a Swiss-based commodity trading and mining company which has its iron-ore mining capabilities in Ukraine. The company's trading office is located in London where it is listed on the London Stock Exchange and it is a constituent of the FTSE 250 Index.

History

The business was founded by the Soviet government in 1960 as the ":uk:Полтавський гірничо-збагачувальний комбінат|Poltava Mining and Extraction Combinat" to exploit iron ore reserves in Horishni Plavni, Ukraine. In 1977 it started selling its product in the form of pellets. It was first listed on the London Stock Exchange in 2007. In 2008 and 2009 the company established additional new complexes around Horishni Plavni and Kremenchuk. In 2011 the company announced that it was considering expansion in countries outside Ukraine. Ferrexpo acquired an $80 million stake in a Brazilian mining company Ferrous Resources in September 2013 as part of its push to expand beyond Eastern Europe.
In March 2019 the company delayed publication of its results pending an investigation into charitable donations in Ukraine. In April 2019 its auditors Delloite resigned, with Ferrexpo's 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.

Operations

The Company, which sells most of its product to steel mills of Eastern Europe, is organised into the following units:
The company's mining components are all based in central Ukraine and consist of:
The founder, Kostyantyn Zhevago, owns 51% of the company.