Trading Update and Production Report for 4Q 2020

12 January 2021

Ferrexpo plc

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

Trading Update and Production Report for 4Q 2020

Summary:

·      Total iron ore pellet production rises 22% quarter on quarter to 3.1MT in 4Q 2020, following the successful ramp up of the Group's concentrator expansion project.

·      Total full year production of iron ore pellets of 11.2MT in 2020, representing an increase of 7% on 2019.

·      Production of high quality 65% Fe and 67% Fe pellets represented 99% of total pellet production in 2020 (2019: 96%).

·      Total full year sales volume of 12.1MT in 2020, up 18% on 2019.

·      COVID-19 update: Ferrexpo's operations and logistics continued to operate with minimal impact during 4Q 2020.

·      Group net cash position as at year end of approximately US$4M, following strong financial and operational performance in 2020. (Net debt position as of 31 December 2019: US$282M). The Group's cash balance as of 31 December 2020 was approximately US$270M (31 December 2019: US$131M).

Note: all production shown in table above from own ore; no production from third party materials.

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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 over 40 years. In 2020, the Group produced 11.2 million tonnes of iron ore pellets, a 7% increase on the prior year. The Company is ranked as the world's 3rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. 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.