Ferrexpo increased income tax payments in Ukraine by one-third in 2024

In 2024 Ferrexpo, the London-listed iron ore producer with operations in Ukraine, paid $74 mln in taxes and royalties in Ukraine. Since the full-scale invasion in February 2022, the Group has paid over $300 mln in tax and royalty payments in Ukraine.

In 2024, the income tax paid by Ferrexpo totalled $23 mln (+76.9% y/y) of which $16 mln (+33.0% y/y) was paid in Ukraine. The income tax paid includes withholding tax on intercompany dividends and interest payments considered as income tax paid.

“Despite the challenges, our business remains relevant. We generated $933 mln in revenues and paid $74 mln in taxes and royalties. We also continued to fund humanitarian and social initiatives, including making large donations to address critical national emergencies. These are significant contributions that support employment and livelihoods, sustain communities, and contribute to Ukraine’s resilience”, stated Lucio Genovese, Interim Executive Chair of Ferrexpo.

In March 2025 Ukraine’s tax authorities informed Ferrexpo subsidiaries (Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining) about suspension of VAT refunding. This decision threatens company’s production , capital investments, and humanitarian efforts. There could also be broader impact on national economy resulting in lower tax and royalty contributions and payments to suppliers, including energy providers, Ukrainian railways and ports.