Ferrexpo declares special interim DPS of USc 13.2

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) will pay a special interim dividend of USc 13.2 per share on Jan. 28,
the company reported in a Jan. 5 release. The record date for the payment will
be Jan. 15.

The total dividends declared to date with respect to
the 2020 financial year amount to USc 33.0 per share, compared with USc 19.8
per share for 2019, the release said.

Recall, in September Ferrexpo declared a special interim dividend of USc 6.6 per share.
Previously, the company declared two installments of interim dividends, each of
USc 6.6 per share, in August and in June.

Ferrexpo’s board will consider the final dividend for
the 2020 financial year ahead of the company’s yearly results announcement
planned for Mar. 17, according to the release.

Ferrexpo’s dividend policy is to pay USc 6.6 (USc 3.3
interim and 3.3 USc final) per share of sustainable yearly dividends and, if
appropriate, USc 6.6 per share of special dividends per year.

Dmytro Khoroshun: Ferrexpo’s
final dividend for 2020 might reach USc 13.2 per share, same as for 2018 (USc
6.6 per share in each of the final ordinary and final special dividends),
because of the recent surge in iron ore prices at the global markets. For 2017
and 2019, Ferrexpo declared USc 9.9 and 6.6 per share, respectively, as its
final dividend.

Ferrexpo is likely to continue paying dividends above
the yearly level of USc 13.2 per share foreseen in its policy for 2021 and
beyond, as long as the iron ore markets remain strong and Ferrexpo’s project –
of pellet capacity expansion beyond the current 12 mmt per year – remains on
the backburner.