Please find attached a copy of the Ferrexpo Preliminary Results, announced this morning.
23 March 2010 FERREXPO plc ("Ferrexpo" or the "Group")
PRELIMINARY RESULTS Ferrexpo, the FTSE 250 iron ore producer, today announces its preliminary results for the year ended 31 December 2009. HIGHLIGHTS Financial * Remained profitable throughout 2009 despite sharp fall in iron ore price * Average DAF/FOB price decreased to US$66.3/t owing to lower settlement price and temporary exposure to high freight rates (2008: US$124.6/t) * Revenue decreased to US$648.7 million (2008: US$1,116.9 million) * EBITDA decreased to US$138.1 million (2008: US$503.9 million) * Net cash flow from operating activities of US$76.9 million (2008: US$370.9 million) * Secured new US$230 million pre-export finance facility; the first successful refinancing completed by a mining group with assets in the CIS since September 2008 * Interim and final dividend maintained at 3.3 US cents per share Operational * Strong operational performance in a challenging economic environment * Production maintained at full capacity, remained profitable throughout the downturn * 7.2% increase in production of 65% Fe pellets in line with long term strategy o 3.5% increase in sales volumes and 18.6% reduction in production costs * Utilised marketing flexibility to open new growth markets * Lower European demand offset by Chinese demand in H1 as well as new markets in India and Turkey * Sales mix normalised in Q4 Current trading in January and February 2010 * 90% of sales made under long-term contract * 63% of sales to customers in Traditional Markets * Average prices to date slightly ahead of Q4 2009 * Production at similar levels to last year * Cash costs in line with expectations Market outlook * Demand and iron ore pricing strengthening * Positioned to benefit from market recovery and increase in margins * Continuing to expand market share * Growth projects to resume once recovery firmly takes root Kostyantin Zhevago, Chief Executive Officer, commented: "Ferrexpos strong operational performance in 2009 is a testament to the Companys fundamental strength and our successful marketing strategy that has allowed us to maintain profitability at a time of a worldwide drop in iron ore demand. In the second half of 2009, there were signs of recovery in our key Traditional Markets and we returned to long-term contract deliveries which increased margins and rebalanced our sales mix.

In 2010, the outlook for iron ore is positive and we are well placed to capitalise on any growth opportunities. In the coming year, the Board will focus on resuming development of our growth projects once a recovery has firmly taken hold, while continuing to add capability to project execution and consolidating our strengths in best practice mining and marketing."
Enquiries: Ferrexpo: +44 207 389 8304 Chris Mawe Ingrid Boon
Pelham Bell Pottinger
Charles Vivian +44 207 337 1538 Evgeniy Chuikov +44 207 337 1513 James MacFarlane +44 207 337 1527
Ferrexpo will be hosting an analyst presentation on its Preliminary Results today at 9.30am.

The presentation will be available live on the companys website at www.ferrexpo.com
James Macfarlane Account Director Direct line: +44(0)20 7337 1527 Mobile: +44 (0)7841 672 831 [cid:image003.jpg@01CACA57.8B319B50] Pelham Bell Pottinger 12 Arthur Street, London, EC4R 9AB Tel: +44 (0)20 7337 1500 Fax: +44 (0)20 7337 1550 www.pelhambellpottinger.co.uk ______________________________________________________________________ This email has been scanned by the MessageLabs Email Security System. For more information please visit http://www.messagelabs.com/email ______________________________________________________________________