Ferrexpo plc
Letter from Lucio Genovese,
Executive Chair
One Thousand Days of War
Baar, Switzerland
18 November 2024
Today marks one thousand days since
the full-scale invasion of Ukraine. In my last letter I noted that
the world is entering an era of broader geopolitical uncertainty,
as old conflicts reignite. During this time of heightened global
tensions, today's anniversary rightly refocuses the spotlight back
on Ukraine, and the resilience and commitment of the Ukrainian
people, as hopes grow for an end to the war.
At present, 709 of our colleagues are
in the Armed Forces of Ukraine, seven of whom are female. This is
more than at any time since February 2022. We thank them for their
service and wish that they will return home safely. 154 colleagues
have already returned as veterans, including two women. Through our
veterans' programme, 96 have been welcomed back to work, and we
hope that those that have chosen to stay in our communities for
their rehabilitation will also soon be able to return to work.
Tragically, we mourn the loss and offer our sincere condolences for
the 44 brave colleagues who have died defending Ukraine.
It is important that the experiences
of veterans are documented. With this in mind, this week Ferrexpo
is launching a video series gathering the stories and perspectives
of our veterans and their partners. Our intention with this project
is to broaden the conversation about veterans today, and document
their histories for the future. I have been touched by their
individual stories and perspectives, and have learned a great deal
about the challenges and aspirations of rehabilitation, and how
society needs to adapt to veterans.
We are continuing our broader efforts
through the Ferrexpo Humanitarian Fund, which combined with ongoing
CSR activities, has so far funded over US$25 million to support
more than 100 programmes and initiatives since February 2024. I was
pleased to learn last month that the efforts of our teams on the
ground were recognised by the Global Good Awards 2024. I too would
like to share my heartfelt appreciation to all Ferrexpo colleagues
for their commitment to all the many endeavours that are providing
a positive social impact in our communities and across
Ukraine.
One of the biggest contributions that
we can make is to keep our operations going, so that we are
relevant for our 8,000 strong work force, and in turn for their
families and communities. In the early months of 2024, their
commitment was evident, when despite the winter's cold and short
days, and the constant waves of interruption due to air raid
alerts, they achieved a two-fold increase in production.
By continuing operations, we also
remain relevant to our suppliers, the government and our customers.
We have procured over US$1 billion in goods and services in
Ukraine, paid over US$300 million in taxes and royalties, and
exported well over 10 million tonnes of iron ore products since the
full-scale invasion.
These impressive results are
attributable first and foremost to the resilience of our people,
our ability as a company to operate more nimbly, and quickly adapt
to changing market forces. The operating environment is challenging
because of the war in addition to higher costs and lower market
prices. Nonetheless, we adapt, change strategies, and continue to
operate. This is testament to the strength of our collective
efforts today, and an indicator of the opportunities that lie ahead
in the future for the company.
My sincere thanks to each and every
one of our people on the ground for their commitment to Ferrexpo
and to Ukraine.
Slava Ukraini