5 July 2019

Ferrexpo plc

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

Production for 2Q 2019 and trading update

Summary:

·    2Q 2019 pellet production up 11% to 2.8MT (1Q 2019: 2.5 MT).

·    1H 2019 pellet production up 5% to 5.4MT (1H 2018: 5.1MT).

·    FY 2019 production guidance remains at 10.6MT

·    1H 2019 sales volumes expected to increase by approximately 4% to 5.0MT (1H 2018 sales volumes: 4.8MT).

·    In 1H 2019, the Group continued to generate strong cash flow due to a 29% increase in the Group's average received price compared to the average FY 2018 price, reflecting stronger iron ore prices and premiums for iron ore pellets.

·    The average C1 cost of production for 1H 2019 is expected to be approximately US$46 per tonne compared to the average FY 2018 C1 cost of US$43 per tonne, this is due to Ukrainian inflation and a strong Hryvnia currency against the US dollar.

·    Net debt as of 30 June 2019 was approximately US$277M (31 December 2018: US$339M). The Group's cash balance as of 30 June 2019 was approximately US$90M while undrawn available debt facilities amounted to US$40M. 

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Notes to Editors:

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 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. In 2018, the Group produced 10.6 million tonnes of pellets, a 2% increase compared to 2017, ranking it as the 3rd largest exporter of pellets to the global steel industry with a market share of approximately 8.5%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey and Vietnam. 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