
Wolfram Kuoni: We had many pleasant moments and surprises in 2024. The last one was at the end of 2024, when I hosted a diplomatic delegation to our operation in Horishni Plavni. It was evening, and we were invited to a local school for a concert. There was a power outage at the time, so we were greeted with candles and students and teachers playing; it was such a powerful message that Ukrainians do not give up, not militarily, not economically, not psychologically, and certainly not culturally.

We are proud that Ferrexpo continues to operate. We still have 8000 employees, and thanks to their efforts, we continue to operate and export around the world. The reopening of the Black Sea at the end of 2023 was particularly important for us, as we were able to resume deliveries to customers in China and the Middle East. This has allowed us to continue to invest in our people and our assets and pay over $300 million in taxes and royalties since the full-scale invasion.
After the recent elections, many international investors bought our shares. We are the leaders of international investment in Ukraine. They ask us if the Ukrainian government understands how to treat international investors. They know that we have problems. But they cannot understand them. They need to know that if they invest more, their capital is protected. So Ferrexpo can be considered something of an oracle. The way Ferrexpo’s investors are treated today will affect how investors perceive investing in Ukraine in the future, especially during the country’s recovery from the war.