LONDON, UK: The Board of Directors of Ferrexpo plc (LSE: FXPO) announced the permanent appointment of Jim North as Chief Executive Officer (CEO) of the Group, effective immediately.
Ferrexpo plc is the world’s 3rd largest exporter of high grade iron ore pellets to the global steel industry.
Jim North has held the position as Acting CEO from May 2020, having been the Group’s Chief Operating Officer since 2014. Prior to joining Ferrexpo, Mr North held a variety of senior operational management roles in multiple commodities with Rio Tinto and BHP.
Since stepping into the role of Acting CEO, Mr North has guided the Group to implement projects to enhance the overall effectiveness of the Group’s operations in Ukraine and securing the Group’s first long-term contract for its latest product – higher grade direct reduction pellets, despite operating with restrictions relating to the global Covid-19 pandemic.
In addition to delivering these operational improvements, under Mr North’s leadership the Group has also published a formal shareholder returns policy, inaugural carbon reduction targets and announced the Wave 1 Expansion which will add a further three million tonnes of pellet capacity; initiatives that are all aimed at positioning Ferrexpo for a low-carbon future.
Lucio Genovese, Chair of Ferrexpo, said: “Having shown excellent leadership of the Group since assuming the role of Acting CEO in May 2020, we are delighted to announce the permanent appointment of Jim North as CEO.
During his time as Acting CEO, Jim has shown an adept ability to refocus the Group’s strategy, further promote an inclusive leadership model, deliver a clear message on key topics relevant to stakeholders, whilst also continuing to deliver strong operational performance across the Group. All of this has been achieved against a backdrop of the global Covid-19 pandemic, which is a credit to Jim and the wider leadership team.
In making the decision on the role of CEO as announced today, the Board has incorporated feedback received from a variety of stakeholders, and we look forward to working together with our stakeholders to deliver the next phase of the Group’s activities.”
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange in the FTSE 250 index (ticker FXPO).
The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group’s iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore.
Ferrexpo’s operations have been supplying the global steel industry for over 40 years and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world’s 3rd largest exporter of pellets to the global steel industry with a market share of approximately 9%.
The Group has a global customer base comprising of premium steel mills around the world, which includes steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. www.ferrexpo.com