Ukrainian iron miner Ferrexpo scraps dividend and pauses long-term projects as it grapples with war wreaking havoc across country
Ukrainian iron miner Ferrexpo has scrapped its dividend and paused long-term projects as it grapples with the war wreaking havoc across the country.
The London-listed company, which employs over 10,000 people in Ukraine, did not give a timeline as to when payouts to investors would resume, merely saying it would ‘continue to assess the situation’.
Despite the war, Ferrexpo’s chairman Lucio Genovese said the company was still operating and continuing to export its products to Europe via rail and barges.
Troubles: Ferrexpo did not give a timeline as to when payouts to investors would resume
‘Whilst there remains significant uncertainty in the near term outlook with the ongoing hostilities, the resilience and determination of the Ukrainian people continues to impress in these dark and difficult times,’ Genovese said.
The assessment came as the firm reported its results for 2021, which saw revenues jump 48 per cent year-on-year to £2billion thanks to higher iron ore prices.
Production for the year remained flat at 11.2m tonnes.