Ferrexpo’s 2024 ESG achievements: progress despite the war

In November 2025, Ferrexpo published its Responsible Business Report 2024, outlining how the company operated under challenging wartime conditions. The document provides verified and assured data across key ESG indicators, showing how Ferrexpo maintained operational continuity while adhering to responsible business principles. This infographic presents main Ferrexpo sustainability results achieved last year.

In the field of environment & decarbonization Ferrexpo recorded a 9% y-o-y reduction in Scope 1 emissions on a unit base, reflecting the company’s continued shift from natural gas to biofuel and increasing efficiency of operations. Ferrexpo was also included in Europe’s Climate Leaders 2024 ranking, compiled by by Financial Times and Statista. This ranking highlights businesses that have achieved the strongest verified reductions in greenhouse-gas intensity – placing Ferrexpo among top European performers despite operating in a war zone.

The company also advanced its flagship Green Mine initiative, which aims to electrify and automate mining operations. This program is central to Ferrexpo’s long-term Net Zero strategy and positions Ukraine as an emerging player in modern, low-carbon mining technology.

Ferrexpo also continued its responsible resource-management practices: 98% of water withdrawal were made through dewatering (removing water that has entered the open pit operations), that reduces pressure on local freshwater resources. The processing plant also recycled 98% of process water.

Ferrexpo remains one of Ukraine’s largest private contributors to social support. In 2024, the company paid $74 million in taxes and royalties, critical for financing national defence and essential services. It also spent $657 million on Ukrainian goods and services, supporting thousands of domestic suppliers and helping keep regional economies alive.

Ferrexpo received the Global Good Award 2024 for its humanitarian program — international recognition of the scale and impact of its assistance to civilians, hospitals, schools, and local authorities.

Last year the company implemented several humanitarian projects, including donating 33 generators to support residents of Horishni Plavni and the nearby rural settlements of Nova Galeschyna and Pryshyb, as well as cooperating with state authorities to construct a new 19‑kilometre water pipeline for Pryshyb. The Fe_munity Teens project, which prepares young people for leadership and personal development, was awarded as the best social initiative for youth by Delo.ua.

Ferrexpo maintained zero fatalities for the fourth consecutive year, a major achievement for a heavy industrial company reflecting it’s investment in safety systems, training, and production culture. In 2024, 5,361 employees received training (+16.7% y/y), and average training hours rose to 78 hours per employee – a fivefold increase.

Ferrexpo also strengthened diversity and inclusion: women in management roles in Ukraine increased from 22.3% to 22.9%. The company targets this indicator to reach 25% by 2030. In general, 32.2% positions in the company are held by woman in Ukraine (2023: 30.9%).

2024 marked the first year Ferrexpo reported in line with the Global Reporting Initiative (GRI) – the world’s most recognized sustainability reporting framework, which proves the company’s  transparency and comparability for investors and stakeholders. It was also the first year of independent assurance for Scope 3 emissions, making Ferrexpo the first mining company in Ukraine to verify full value-chain emissions.

Strong governance frameworks ensured 100% employee awareness of anti-corruption policies, with zero confirmed incidents of corruption. In both 2024 and 2023, Ferrexpo also reported an absence of legal actions related to anti-competitive behaviour, along with no substantiated complaints from external parties or regulatory bodies, including customers, underscoring the company’s adherence to fair‑competition standards.

Together, these ESG results demonstrate Ferrexpo’s ability to operate responsibly, transparently, and sustainably while contributing significantly to Ukraine’s economic resilience.

«By operating throughout the war, Ferrexpo has remained relevant and has continued to support the social and economic fabric of Horishni Plavni, the city where we are based, the broader Poltava region and Ukraine. It is not just our workforce that depend upon us, but families, small businesses, and large businesses too, as the multiplier-effect across the national economy is significant», noted Fiona Macaulay, Senior Independent Non-executive Director and Chair of the Health, Safety, Environment and Community Committee.

As previously reported by GMK Center, Ferrexpo increased output by 0.9% y/y in January-September 2025. The company has shifted its focus from pellet production to production of high-grade iron ore concentrate considering significant growth in demand in this segment. Over the nine months, commercial concentrate production increased 4.9 times year-on-year to 2.26 million tons.