Ferrexpo plc announced that following consideration the Board of Directors has decided not to proceed with the Company's proposed interim dividend of 3.3 US cents per ordinary share. The Interim Dividend was announced on 18 January 2024 and was due to be paid to shareholders on 23 February 2024. The decision to withdraw the Interim Dividend follows subsequent and unexpected events in Ukraine relating to a claim against one of the Group's Ukrainian subsidiaries, Ferrexpo Poltava Mining, which the Company announced on 29 January 2024.

Further details on the claim were disclosed in the 2022 annual report and accounts and 2023 interim results. On 30 January 2024, Ferrexpo filed a cassation appeal to the Supreme Court in Ukraine and an application to suspend enforcement of the decision of the Eastern Economic Court of Appeal in Kharkiv. Until the Supreme Court has considered the application there is a possible risk of enforcement, however, Ferrexpo is of the view that these claims are without merit and the Company has compelling arguments to vigorously defend its position.

The Board has reconsidered the Interim Dividend and decided to withdraw it. The Board aims to resume its focus on shareholder returns at the appropriate time.