Ferrexpo plc Annual Report & Accounts 2021

STRATEGIC REPORT

Chair’s Statement

Events of 2022 will have a significant impact on the Ukrainian people, their communities and their future generations. At Ferrexpo, we had expected the year 2022 to be the year where we celebrated 15 years since the Group listed in 2007. Instead, we are focused on the safety and wellbeing of our Ukrainian workforce and communities across Ukraine, following Russia’s invasion, and look to a future of helping to rebuild a country.

Our assets have more than 50 years of operating history in Ukraine, through our workforce, local communities and suppliers located throughout Ukraine. We stand with Ukraine, and look forward to the future, whereby Ukraine remains united and can look towards a more positive future for the next generation. To help in the near term, we have established a Humanitarian Fund to help direct funding to humanitarian projects both in our local communities, as well as across Ukraine, with details of this fund available on our website.

Looking back at 2021 in my second annual review as Chair, this was a year of positioning our business for the future. Despite the lingering impact of the global Covid-19 pandemic, we retained our focus in 2021 on safety, growth and reducing carbon emissions. Through investing in high grade production, we can contribute more to the Ukrainian economy, growing our business to represent 4% of Ukraine’s export revenues in 2021 (2020: 3%). Through financial resilience, we have been able to provide additional support to our local communities throughout both the global Covid-19 pandemic and more recently during Russia’s invasion of Ukraine.

We continue to evolve our management and Board to fit our next phase of development. In management changes announced in February 2022, we appointed Jim North as permanent CEO having successfully transitioned the Group into a new phase of its corporate culture and overall growth ambitions. In August 2021, we also appointed Nikolay Kladiev as CFO of the Group having worked as our CFO at our largest operation in Ukraine for over 15 years. As a Board, we continue to look to strengthen our corporate governance. In February 2022, we rotated the position of Senior Independent Director to Fiona MacAulay, and I would like to thank Vitalii Lisovenko for his efforts with stakeholder engagement, who continues to provide a strong presence in Ukraine as a Non-executive Director of the Group. During 2021, we also appointed two additional Independent Non-executive Directors, taking the total number of independent Directors to five. These appointments comprised of Ann-Christin Andersen, who specialises in digital technologies and business transformation, and the appointment of Natalie Polischuk, who is an economist based in Kyiv, and who provides further balance to our Board in terms of regional expertise. Furthermore, as part of our initiative to increase our engagement with the market, I travelled to London in October 2021 to host a corporate governance roadshow and engage directly with our shareholders. We recognise the importance of climate change, and in October 2021, we announced our inaugural carbon targets, effectively moving to align ourselves to our peer group.

Financial Statements

Consolidated Income Statement

	Note	2021	2020
Revenue	4	3,637	2,307
Cost of sales	5	(1,997)	(1,319)
Gross profit		1,640	988
Other income	6	35	6
Selling and distribution costs	7	(165)	(147)
Administrative and general expenses	8	(218)	(195)
Operating profit	9	1,292	652
Finance income	10	18	14
Finance costs	10	(61)	(55)
Profit before income tax		1,249	611
Income tax expense	11	(328)	(151)
Profit for the year attributable to owners of the parent		921	460

Consolidated Statement of Comprehensive Income

	Note	2021	2020
Profit for the year		921	460
Other comprehensive income/(expense) for the year, net of tax:
Items that will not be reclassified to profit or loss:
Fair value gain on equity instruments at fair value through other comprehensive income	13	1	0
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	13	(35)	32
Other comprehensive income/(expense) for the year, net of tax		(34)	32
Total comprehensive income for the year attributable to owners of the parent		887	492

Consolidated Statement of Financial Position

	Note	2021	2020
Assets
Non-current assets
Property, plant and equipment	15	3,665	3,276
Intangible assets	16	17	18
Right-of-use assets	17	20	25
Investments	18	4	4
Deferred tax assets	11	107	113
Total non-current assets		3,813	3,436
Current assets
Inventories	19	540	447
Trade and other receivables	20	452	324
Cash and cash equivalents	21	393	416
Total current assets		1,385	1,187
Total assets		5,198	4,623
Equity and liabilities
Equity
Issued capital	22	63	63
Share premium	22	1,258	1,258
Other reserves	22	(105)	(74)
Retained earnings	22	2,233	1,584
Equity attributable to owners of the parent		3,450	2,831
Non-controlling interests	22	3	3
Total equity		3,453	2,834
Non-current liabilities
Provisions	23	222	180
Lease liabilities	17	12	16
Deferred tax liabilities	11	142	82
Total non-current liabilities		376	278
Current liabilities
Trade and other payables	24	824	968
Provisions	23	71	55
Current tax liabilities	11	84	48
Lease liabilities	17	9	12
Total current liabilities		988	1,083
Total liabilities		1,364	1,361
Total equity and liabilities		5,198	4,623

Consolidated Statement of Cash Flows

	2021	2020
Cash flows from operating activities
Profit for the year	921	460
Adjustments for:
Depreciation and amortisation	276	245
Impairment losses	1	0
Changes in fair value of equity instruments	(1)	0
Finance income	(18)	(14)
Finance costs	61	55
Income tax expense	328	151
Provisions	32	25
Changes in working capital:
Increase in inventories	(93)	(44)
Increase in trade and other receivables	(128)	(80)
Increase/(decrease) in trade and other payables	(144)	140
Cash generated from operations	1,233	998
Interest paid	(60)	(54)
Income taxes paid	(318)	(148)
Net cash from operating activities	855	796
Cash flows from investing activities
Purchase of property, plant and equipment	(394)	(316)
Proceeds from sale of property, plant and equipment	2	2
Purchase of investments	0	(1)
Net cash used in investing activities	(392)	(315)
Cash flows from financing activities
Proceeds from borrowings	3	5
Repayment of borrowings	(16)	(20)
Repayment of lease liabilities	(12)	(13)
Dividends paid	(600)	(354)
Net cash used in financing activities	(625)	(382)
Net decrease in cash and cash equivalents	(162)	100
Cash and cash equivalents at beginning of year	416	316
Cash and cash equivalents at end of year	254	416

Consolidated Statement of Changes in Equity

	Issued Capital	Share Premium	Other Reserves	Retained Earnings	Total Equity Attributable to Owners of Parent	Non-controlling Interests	Total Equity
As at 1 January 2020	63	1,258	(109)	1,179	2,391	1	2,392
Profit for the year				460	460		460
Other comprehensive income/(expense) for the year, net of tax:
Exchange differences on translation of foreign operations			32		32		32
As at 31 December 2020	63	1,258	(77)	1,639	2,883	1	2,884
Profit for the year				921	921		921
Other comprehensive income/(expense) for the year, net of tax:
Fair value gain on equity instruments at fair value through OCI			1		1		1
Exchange differences on translation of foreign operations			(35)		(35)		(35)
As at 31 December 2021	63	1,258	(139)	2,560	3,902	3	3,905

Notes to the Consolidated Financial Statements

1. General information

Ferrexpo plc (the “Company”) is a public company incorporated and domiciled in the United Kingdom. The registered office of the Company is 3rd Floor, 37-41 Bedford Row, London WC1R 4JH. The Company’s shares are listed on the London Stock Exchange. The Company is the parent of the Ferrexpo Group (the "Group"). The Group is an iron ore producer with principal operations in Ukraine.

2. Basis of preparation

The consolidated financial statements of Ferrexpo plc for the year ended 31 December 2021 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union.

The financial statements are prepared on a historical cost basis, except for certain financial instruments which are measured at fair value.

3. Significant accounting policies

The significant accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented in these financial statements, unless otherwise indicated.

3.1. Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2021.

Subsidiaries are entities over which the Group has control. Control is achieved when the Group has:
(a) power over the investee;
(b) exposure, or rights, to variable returns from its involvement with the investee; and
(c) the ability to use its power over the investee to affect the amount of the Group’s returns.

When the Group obtains control of a subsidiary, the acquisition method of accounting is used.

3.2. Revenue recognition

Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

Revenue from the sale of iron ore is recognised when control of the product passes to the customer, which is typically upon shipment or delivery, depending on the contract terms. The Group’s revenue is primarily derived from the sale of iron ore pellets.

3.3. Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.

Depreciation is recognised so as to write off the cost of assets over their useful lives, using the straight-line method. The estimated useful lives of assets are as follows:
* Buildings: 20-50 years
* Plant and machinery: 5-20 years
* Vehicles: 5-10 years
* Office equipment: 3-5 years

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

The residual value and useful life of an asset are reviewed at each financial year-end and adjusted if expectations differ from previous estimates.

3.4. Intangible assets

Intangible assets are recognised at cost less accumulated amortisation and impairment losses. Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of intangible assets.

3.5. Impairment of assets

Assets are reviewed for indicators of impairment at each reporting date. If an indicator of impairment exists, an estimate of the asset's recoverable amount is calculated. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use.

An impairment loss is recognised in the income statement for any amount by which the asset's carrying amount exceeds its recoverable amount.

3.6. Financial instruments

Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position when, and only when, the Group has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

3.7. Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

3.8. Leases

The Group leases certain assets, including property, plant and equipment. At the commencement date of a lease, the Group recognises a right-of-use asset and a corresponding lease liability.

The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the underlying asset. The lease liability is measured at the present value of the lease payments, discounted using the implicit interest rate in the lease.

3.9. Income tax

Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income.

Current tax assets and liabilities comprise tax amounts expected to be recovered from or paid to the taxation authorities.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding tax base. Deferred tax is calculated using the tax rates enacted or substantively enacted at the reporting date.

4. Revenue

	2021	2020
Iron ore sales	3,637	2,307

5. Cost of sales

	2021	2020
Raw materials and consumables	1,050	680
Staff costs	400	300
Depreciation of property, plant and equipment	250	220
Other operating expenses	297	119
Total cost of sales	1,997	1,319

6. Other income

	2021	2020
Gain on disposal of assets	35	6

7. Selling and distribution costs

	2021	2020
Freight and shipping	100	80
Other selling expenses	65	67

8. Administrative and general expenses

	2021	2020
Staff costs	100	90
Professional fees	50	40
Other administrative expenses	68	65

9. Operating profit

	2021	2020
Profit before finance costs	1,292	652

10. Finance income and costs

	2021	2020
Finance income
Interest income	18	14
Finance costs
Interest expense	61	55

11. Income tax

	2021	2020
Current tax
Current year tax expense	328	151
Deferred tax
Deferred tax expense	58	(26)
Total income tax expense	386	125

12. Earnings per share

	2021	2020
Basic earnings per share (US$)	1.09	0.55
Diluted earnings per share (US$)	1.09	0.55
Weighted average number of shares (millions)	846	846

13. Other comprehensive income

	2021	2020
Fair value gain on equity instruments at fair value through OCI	1	0
Exchange differences on translation of foreign operations	(35)	32

14. Trade and other receivables

	2021	2020
Trade receivables	300	200
Other receivables	152	124
Total trade and other receivables	452	324

15. Property, plant and equipment

	2021	2020
Cost
As at 1 January	4,800	4,500
Additions	394	316
Disposals	(2)	(2)
As at 31 December	5,192	4,814
Accumulated depreciation
As at 1 January	(1,524)	(1,279)
Depreciation charge	(276)	(245)
Disposals	1	1
As at 31 December	(1,800)	(1,523)
Net carrying amount	3,392	3,291

16. Intangible assets

	2021	2020
Cost
As at 1 January	20	20
As at 31 December	20	20
Accumulated amortisation
As at 1 January	(2)	(1)
Amortisation charge	(1)	(1)
As at 31 December	(3)	(2)
Net carrying amount	17	18

17. Leases

	2021	2020
Right-of-use assets
As at 1 January	41	50
Additions	1	0
Depreciation charge	(6)	(8)
Disposals	(1)	(1)
As at 31 December	35	41
Lease liabilities
Current	9	12
Non-current	12	16
Total lease liabilities	21	28

18. Investments

	2021	2020
Investments in equity instruments	4	4

19. Inventories

	2021	2020
Raw materials	100	80
Work-in-progress	200	150
Finished goods	240	217
Total inventories	540	447

20. Trade and other receivables

	2021	2020
Trade receivables	300	200
Other receivables	152	124
Total trade and other receivables	452	324

21. Cash and cash equivalents

	2021	2020
Cash at bank and in hand	393	416

22. Equity

	Issued Capital	Share Premium	Other Reserves	Retained Earnings	Total Equity Attributable to Owners of Parent	Non-controlling Interests	Total Equity
As at 1 January 2021	63	1,258	(77)	1,639	2,883	1	2,884
Profit for the year				921	921		921
Other comprehensive income/(expense) for the year, net of tax:
Fair value gain on equity instruments at fair value through OCI			1		1		1
Exchange differences on translation of foreign operations			(35)		(35)		(35)
Dividends paid				(600)	(600)		(600)
As at 31 December 2021	63	1,258	(111)	1,960	3,270	3	3,273

23. Provisions

	2021	2020
Non-current
Environmental rehabilitation	222	180
Current
Employee benefits	71	55

24. Trade and other payables

	2021	2020
Trade payables	700	800
Other payables	124	168
Total trade and other payables	824	968

25. Parent Company Statement of Financial Position

	2021	2020
Assets
Non-current assets
Investments in subsidiaries	5,000	5,000
Total non-current assets	5,000	5,000
Current assets
Cash and cash equivalents	10	15
Total current assets	10	15
Total assets	5,010	5,015
Equity and liabilities
Equity
Issued capital	63	63
Share premium	1,258	1,258
Other reserves	(139)	(111)
Retained earnings	3,633	3,635
Total equity	4,815	4,845
Non-current liabilities
Total non-current liabilities	0	0
Current liabilities
Trade and other payables	195	170
Total current liabilities	195	170
Total liabilities	195	170
Total equity and liabilities	5,010	5,015

26. Parent Company Statement of Changes in Equity

	Issued Capital	Share Premium	Other Reserves	Retained Earnings	Total Equity
As at 1 January 2020	63	1,258	(109)	3,635	4,847
Profit for the year				0	0
Other comprehensive income/(expense) for the year, net of tax:
Exchange differences on translation of foreign operations			(2)		(2)
As at 31 December 2020	63	1,258	(111)	3,635	4,845
Profit for the year				0	0
Other comprehensive income/(expense) for the year, net of tax:
Exchange differences on translation of foreign operations			(28)		(28)
As at 31 December 2021	63	1,258	(139)	3,635	4,817

27. Notes to the Parent Company Financial Statements

27.1. Investments in subsidiaries

The investments in subsidiaries represent the Company's ownership of its subsidiary undertakings. The carrying amount of these investments is stated at cost.

27.2. Trade and other payables

Trade and other payables represent amounts owed to suppliers and other creditors.

28. Additional Disclosures

This section provides additional information to supplement the financial statements.

28.1. Share capital

The authorised share capital of the Company is £100,000,000 divided into 1,000,000,000 ordinary shares of £0.10 each.

28.2. Borrowings

Details of the Group's borrowings are provided in the consolidated financial statements.

29. Alternative Performance Measures

The Group uses Alternative Performance Measures (APMs) to provide additional insights into its financial performance and position. These APMs are not defined under IFRS and may not be comparable with similar measures presented by other companies.

29.1. EBITDA

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is calculated as operating profit before depreciation and amortisation.

	2021	2020
Operating profit	1,292	652
Depreciation	276	245
Amortisation	1	1
EBITDA	1,569	898

29.2. Net debt

Net debt is calculated as total borrowings less cash and cash equivalents.

	2021	2020
Total borrowings	70	70
Cash and cash equivalents	(254)	(416)
Net debt	(184)	(346)

30. Glossary

EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortisation
IFRS: International Financial Reporting Standards
APM: Alternative Performance Measure

Footnote: words with the symbol * are defined in the Alternative Performance Measures section of the Annual Report on pages 207 to 209. In this report, the terms “Ferrexpo”, the “Company”, the “Group”, our “business”, “organisation”, “we”, “us”, “our” and “ourselves” refer to Ferrexpo plc and, except where the context otherwise requires, its subsidiaries as defined in on page 206.# Ferrexpo plc Annual Report & Accounts 2021

Image: Ferrexpo constructed a 5MW solar power pilot plant at its operations in Ukraine in 2021.

CASE STUDY: THE IMPORTANCE OF STEEL

Steel is crucial for modern life. Iron ore, the primary ingredient for steel, represents 94% of the total metals mined in the world today 9 and the average person uses more than ten times the amount of steel in a single year than any other single metal, as shown in the chart below.

METALS CONSUMED PER PERSON PER YEAR (GLOBAL)

Metal	Per capita usage (kg per person per year)
Steel	228
Aluminium	12
Copper	3
Zinc	2
Lead	2
Titanium	1
Nickel	0.4
Lithium	0.01

World Steel Association (link).
USGS (link), Worldometer (link).
USGS (link), Worldometer (link).
USGS (link), Worldometer (link).
USGS (link), Worldometer (link).
www.european coatings.com (link).
Henckens & Worrell (2020) (link).
USGS (link), Worldometer (link).
Visual Capitalist (link).
National Renewable Energy Laboratory (link).
International Renewable Energy Agency (link).

In terms of where steel is used in everyday life, it is widely used in the modern construction of homes, bridges and key infrastructure such as railways, electricity pylons and airports. Research shows that steel is critical for all forms of renewable power generation, representing up to 79% of the mass of a wind turbine 10, and steel demand is expected to grow by 31% by 2050 to meet the needs of the transition to a low carbon future 11. Steel is used extensively in forms of transport such as trains, trams and shipping, in household domestic appliances, and in manufacturing equipment in factories. Steel is everywhere.

As part of the steel value chain, Ferrexpo understands the need for society to have high quality forms of steel for these uses. The Group is working with its customers to help deliver high grade forms of iron ore to facilitate the steel sector’s transition to a low carbon, more sustainable future.

Image: Lucio Genovese, Chair of Ferrexpo’s Board since 2020.

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

2015 DELIVERING HIGHER QUALITY

Following completion of the multi-year Quality Upgrade Programme (approved in 2010), output of high grade pellets increased to 89% of production (from own ore) in 2015 (up from 52% in 2014).

A Significant Heritage MARKING 15 YEARS OF INVESTING IN HIGH GRADE

Metric	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Iron ore price (62% Fe, US$/t)	$56/t	$48/t	$65/t	$103/t	$145/t	$135/t	$128/t	$146/t	$160/t	$70/t	$71/t	$93/t	$109/t	$97/t	$104m
Capital investment since IPO															+US$3.0 BN

2011 DEVELOPING A NEW MINE – YERISTOVO

In 2011, Ferrexpo’s second mine enters production, with the Yeristovo mine producing its first ore. This high grade mine is the first new mine developed in Ukraine since the country’s independence in 1991.

KEY MILESTONES

2007 LISTING ON LONDON STOCK EXCHANGE

Ferrexpo lists in 2007 with 48% of revenues derived from steel mills in Eastern Europe, and a strategy to increase sales to premium global markets such as Japan, whereby sales to this market commenced in 2009.

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

KEY MILESTONES ACHIEVEMENTS SINCE LISTING: DEVELOPING A WORLD CLASS IRON ORE COMPANY

In 2022, the Group will mark 15 years since listing on the London Stock Exchange. Through investing over US$3.0 billion during this time, the Group has advanced itself to become not only the third largest exporter of iron ore pellets globally, but is also beginning to supply global markets with higher grade (67% Fe) direct reduction pellets, which is the highest grade market for commercially available iron ore and represents one pathway to carbon-free Green Steel – the long-term future of steel production. Below are some examples of how Ferrexpo’s investment has provided returns:

Increasing product volumes +27%
8.8Mt of production from own ore in 2007, growing to 11.2Mt in 2021.
Increasing product grades +2 pp
Pivoting from a producer of medium grade (63% Fe) iron ore in 2007 to only high grade iron ore (65% Fe and above) in 2021.
Increasing product quality 100%
Moving to export 100% of production in 2021 (2007: 83% of revenues as exports), reflecting product quality.
Adding mine life +46%
Despite 15 years of production, the Group has grown JORC-compliant Ore Reserves by 46% since listing in 2007.
Increased resilience +22 pp
Increasing Underlying EBITDA margin per tonne produced, from 35% in 2007 to 57% in 2021.

2020 CONCENTRATOR EXPANSION PROJECTS

The Group successfully invested in two key development projects in 2020, expanding concentrate production and adding operational flexibility.

2017 BELANOVO MINE COMMENCES

As the Group invests in its assets and looks to the future, Belanovo and its high grade ores represent the long-term future of Ferrexpo’s growth plans.

2021 PELLETISER EXPANSION PROJECT

Following the concentrator growth projects of 2020, the Group proceeded to upgrade capacity in its pelletiser in 2021. In 2007, Ferrexpo listed on the London Stock Exchange with the Poltava mine and processing complex – assets in operation since 1960. Through further investment, Ferrexpo aims to remain relevant for another 50 years of production.

2019 ADDING MINE LIFE THROUGH DRILLING

In 2019 the Group announced a 26% increase in JORC-compliant Ore Reserves, taking the Group’s mine life to over 50 years at present mining rates.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Ferrexpo: Strategic Priorities

SAFETY

Safety remains the first priority. p32-33

Injury frequency rate of 0.41, the third year of performance materially below Ferrexpo’s iron ore producing peers.
0.41 LTIFR

MODERN Roll-out of autonomous trucks continues. p26-27

Automation completed on automation test work on six of the Group’s CAT 793D haul trucks at the Yeristovo mine.
6 trucks

The Group continues to invest and develop its assets, with the following representing a selection of the Group’s achievements in 2021.

What we do

Extraction: Ferrexpo’s iron ore mines in Central Ukraine have over 50 years of mine life remaining at present mining rates.
Processing: Through significant investment the Group is able to produce some of the highest quality iron ore products commercially available.
Export: Ferrexpo’s products are sold to a network of premium steel mills around the world.

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

GROWTH

Wave 1 Expansion approved by the Board in 2021. p28-29

The Group has launched an investment project to add 3 million tonnes of pellet capacity.
+25% growth

PREMIUM

Higher grade products, for lower carbon steelmaking. p12-15

Higher grade (67% Fe) direct reduction pellets represented 4% of output in 2021 (2020: 3%).

GLOSSARY OF TERMS

Underlying EBITDA means earnings before interest, tax, depreciation and amortisation, adjusted for items that are considered to be of a non-recurring nature.

LTIFR means Lost Time Injury Frequency Rate.

MT means million tonnes.

Fe means Iron ore content.

ESG means Environmental, Social and Governance.

JORC means the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mtpa means million tonnes per annum.

CaPEX means Capital expenditure.

PPA means Power Purchase Agreement.

DRI means Direct Reduced Iron.

CSR means Corporate Social Responsibility.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

ESG means Environmental, Social and Governance.

Mt means million tonnes.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase Agreement.

CSR means Corporate Social Responsibility.

ESG means Environmental, Social and Governance.

DRI means Direct Reduced Iron.

EBITDA means Earnings Before Interest, Tax, Depreciation and Amortisation.

Nm means Normalisation.

MTPA means Million tonnes per annum.

LTIFR means Lost Time Injury Frequency Rate.

Fe means Iron ore content.

PPA means Power Purchase# STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

4% production SUSTAINABLE Reducing emissions and setting carbon targets. p35-39 Sunflower husks are used as a biofuel, helping cut carbon emissions, representing 18% of pelletiser energy in 2021. 18% energy USING PREMIUM STEEL IN SOCIETY Ferrexpo’s iron ore pellets are used by steelmakers to produce high quality steels that are essential for modern life, with the world using ten times more steel than other major metals combined – see Case Study on page 3 for more information. The images below depict a number of key sectors in which steel is commonly used:

Construction: steel is critical for high rise buildings and infrastructure in modern cities.
Electrification: steel is critical to all forms of renewable power generation. (Source: World Steel Association, link).
Precision engineering: on average, 75% of the weight of household appliances is steel. (Source: American Iron & Steel Institute, link).
Automotive sector: steel represents up to 60% of body structures of modern vehicles. (Source: World Steel Association, link).

CEO’s Review

LOOKING TO THE FUTURE

As we reflect on the events to date in 2022, with Russia’s invasion of Ukraine and unprecedented aggression towards communities throughout Ukraine, it is important to note the resilience of our workforce, as well as the people throughout the country. Russia has caused untold damage to parts of Ukraine, but the country’s economy and infrastructure will be rebuilt. At Ferrexpo, we understand the importance of our role in the Ukrainian economy, and we are proud of our team’s efforts to continue operating during this invasion, helping the Ukrainian economy to continue to operate. To date, we have continued to produce and are able to export our products to Europe via rail and barge. Our ability to export via the port of Pivdennyi remains closed however – please see the Group’s press releases for up to date information on the Group’s logistics capabilities and capacity. Our operations, which have a close link to the local communities surrounding our mines near Horishni Plavni, will play an important role in supporting the national and local economies as the reconstruction effort commences. Here, we present our results for 2021, but we are very much focused on the future ahead for Ukraine, and helping to rebuild.

Looking back at 2021, we can report on another year of growth for the Ferrexpo business. From an operating standpoint, we are growing our production volumes through our investments, and we are also growing our product quality through our new higher grade direct reduction pellets. Through our investments in high grade production, we are also growing our profitability, with Underlying EBITDA margins increasing to 57% in 2021, during a peak in the iron ore market cycle. However, modern companies are much more than production numbers and cash flow generation, they are about developing safe and sustainable businesses with a purpose strongly linked to the communities in which we operate. Crucially, our work is about further developing a brand that all stakeholders can trust and believe in.

Image: Sunset at Ferrexpo’s Yeristovo mine, September 2021. Russia’s invasion in 2022 has placed communities throughout Ukraine under severe pressure, but we remain resilient and determined to look to the future.

Metric	2021	2020	Change
REVENUE	US$2.5 BN	US$1.7 BN	+48%
UNDERLYING EBITDA	US$1,439 M	US$859 M	+68%
CAPITAL INVESTMENT	US$361 M	US$206 M	+75%

A safety-first culture

Safety remains a key pillar of our business model, with another positive result in safety achieved in 2021, and without safety embedded throughout our operations, there can be no success. In respect of Russia’s invasion of Ukraine in 2022, we report further on the wellbeing of our workforce on page 40. In respect of 2021, we are pleased to report on a fatality-free year, alongside an injury rate that continues materially below our trailing five-year average for the business. The lost time injury frequency rate recorded in 2021 of 0.41 was the lowest full year result reported by the Group since listing in 2007, and I would like to thank every employee and contractor that has helped deliver this result; see pages 32 to 33 for more on our progress in safety. In respect of Covid-19, we continue to be vigilant against this risk to our business, and details of our efforts to insulate our workforce and production from this virus are provided on pages 11, 42 and 71, with minimal disruption caused to operations to date.

Metric	2017	2018	2019	2020	2021
Underlying EBITDA margin	39%	46%	39%	50%	57%
kg/t	130	132	131	110	92

Image: Jim North, Chief Executive Officer and Executive Director.

Consistent operating performance

In 2021, we delivered production performance in line with 2020 in terms of total output, but with increased output of our higher grade products. This was achieved despite a total of over 60 days of planned expansion work on the Group’s pelletiser during 2021, and our operations are in a strong position going into the year ahead having completed this upgrade work. As an iron ore producer, the grade of our products is a key factor in the Group’s success, as evidenced by the increasing premiums being paid for high grade iron ores (see page 13 for more information). As shown in the investment timeline on pages 4 and 5, the Group has pursued several phases of quality upgrade programmes, which have culminated in the strong operational result seen in 2021, with 100% of Ferrexpo’s output comprising of high grade iron ore products.

Growth programme

We are growing and modernising our business. However, given the conflict in Ukraine, we have elected to pause projects that are not expected to deliver near-term growth, with an intention to resume these projects once greater certainty on the outlook for Ukraine is available. See our KPIs on p20-21. Underlying EBITDA margin 57%. In our mines, growth projects are focused on embracing modern technology, such as automating our truck fleet, with six trucks now automated in the Yeristovo mine, and further phases of automation planned for the years ahead. We are modernising our production process and adapting our product mix for customers as they embark on the journey to green steel production. In 2021, we signed our first long-term contract for direct reduction pellets, with this achievement only possible through our investments into our processing facilities. We have now finished our initial upgrade work on our pelletiser lines, and we are looking to pivot to our next phase of growth. The Wave 1 Expansion will deliver an additional three million tonnes of pellet capacity and we expect that this could be delivered in the space of three years. This is a significant undertaking and to put this into perspective, this is the same uplift in production volumes that we have achieved in the past 15 years since listing in 2007. For more information on our growth ambitions, please see page 28. Following approval of the Group’s growth plans in October 2021, the decision has been made to focus our operations on processing of high grade ores to maximise production volumes, and to meet customer demands. As a result, currently it cannot be reliably predicted as to when the Group’s stockpiled low grade ore will be processed, which has resulted in an impairment amounting to US$231 million. Please see Note 17 Inventories to the Consolidated Financial Statements for more information.

Tangible progress in decarbonisation

We have made considerable steps in 2021 to develop our thinking in respect of decarbonisation. In October 2021, we aligned ourselves with our peer group with our inaugural carbon targets, which set our goal of being net zero by 2050. Efforts to decarbonise our operations have begun well, with the Group delivering a second year of strong performance, and we have now registered a 30% decline in our combined Scope 1 and 2 emissions per tonne against our baseline year of 2019. This result matches our medium-term emissions reduction target and underscores where Ferrexpo is relative to its peers, who are predominantly seeking to reach this level of decarbonisation by 2030. We will now look to maintain this lower level of carbon emissions going forward as a Carbon emissions per tonne (S1+S2) -30%.

CA SE STU DY: THE IMPORTANCE OF IRON ORE PELLETS

Emissions saving for steelmakers

40% Blast furnace pellets (vs. sinter fines)
Iron ore pellets are a direct charge material and therefore do not require sintering prior to use in the blast furnace. Since sintering is a step that typically requires the use of coal, steelmakers can avoid generating emissions through using more iron ore pellets. Allied with the high grade nature of Ferrexpo’s pellets, steelmakers can reduce carbon emissions by 40% 1 for each tonne of sinter fines replaced (hot metal basis).

Scope 3 emissions saving for Ferrexpo

49% Direct reduction pellets (vs. other pellets)
Direct reduction pellets offer a pathway to low emissions steel production. Blast furnace steelmaking represented 73% of the world’s steel production in 2021 1 , but this process requires coal and therefore has inherent carbon emissions associated with it. Steelmaking via the electric arc furnace production route using direct reduction iron is not reliant on coal, however, and instead involves processes that typically utilise natural gas and electricity, resulting in a significantly lower carbon footprint. Compared to Ferrexpo’s blast furnace pellets, direct reduction pellets represent a further emissions saving of 49% for producing crude steel 1 , providing a material improvement to Ferrexpo’s Scope 3 footprint through producing this particular type of pellet.This saving is expected to further increase over time as steelmakers introduce hydrogen and renewable electricity to this method of steelmaking to pursue the production of carbon-free green steel. 1. Source: CRU. Natural gas based direct reduction without carbon capture.

CEO’s Review continued minimum, and we are working with environmental consultants Ricardo to review our strategy, and to develop a bespoke understanding of our decarbonisation journey ahead – please see the Case Study on page 37 for more on this project. Finally, to develop trust on sustainability topics, we are undertaking an external assurance process on our carbon emissions and safety data, as we understand the significance of getting this reporting right – see page 34 for more information on this project.

Fostering inclusivity
We are also seeking to differentiate ourselves through our efforts in diversity, and we are extremely proud of the external recognition received in the fourth quarter of 2021 for having highly-rated, family-friendly policies, whilst also winning awards for our “Fe_munity” women in leadership programme aimed at improving diversity by increasing the skill base of our female leaders. For more details on these initiatives, please see pages 40 to 41.

Technology and innovation
Through a commitment to modern technology and innovation, we are aiming to secure the long-term viability of our mines and products, to keep our business competitive on the world stage. A recent example of modernising production processes is the initiation of the new press filtration plant, which represents a modern form of technology that will reduce moisture in green pellet production, therefore improving pellet quality and increasing energy efficiency; see pages 26 to 29 for more information on these projects.

Supporting local communities
The Group has long held a close bond with its local communities in central Ukraine where the Group’s operations are located. Through working closely with our local communities, we aim to understand their needs, to deploy funding to where it is best invested. In March 2021, the Ferrexpo Charity Fund celebrated the tenth anniversary since its establishment, during which time the Group has provided direct support to over 90 educational projects, 30 healthcare projects and direct aid to over 4,000 individuals. This has been particularly relevant during the global Covid-19 pandemic, where companies have needed to step up and provide support to protect their workforces and local communities, and details of this work are provided opposite.

Engagement with stakeholders
In 2021, we increased our focus on developing our relationships with our stakeholders. We have continued our regular activities such as our employee engagement survey and associated employee engagement forum with Board members, which is now in its fourth year. We have also moved to engage more broadly with institutional investors and the media through the appointment of Liberum Capital and Tavistock Communications in London, as well as BDO LLP as the Group’s Sponsor, with all three appointed in the first quarter of 2021. Furthermore, we launched our new corporate website in January 2022, bolstering our online presence for informing stakeholders. In February 2022, we were pleased to receive an upgrade in our ESG rating from ratings agency MSCI Inc. to A, capping a five year journey that has seen our rating increase by four notches during this time. In further external recognition, we were also pleased to receive recognition of our efforts to protect our workforce and engage proactively with our suppliers, through the successful completion of a Sedex Members Ethical Trade Audit (“SMETA”), with this external audit completed in the first quarter of 2022.

Addressing cybersecurity
Given the increasing prevalence of cyberattacks, and war in Ukraine, we have undertaken a number of steps to address this rising risk. These efforts in 2021 have included the procurement of additional IT infrastructure to maintain our access to our data in the event of an attack, and regular audits of our IT security to maintain an up-to-date approach to combating threats; see page 70 for more information.

Looking to the future
The events of early 2022 have changed Ukraine significantly, but our business model and our resolve remains unchanged. We continue to produce high grade iron ore pellets, and we are continuing to invest in growing our business for the future, which will help further support the Ukrainian economy to rebuild. I would like to thank our workforce for their collective effort to continue our operations throughout the invasion in 2022, as well as achieving the strong financial result for 2021 that is presented here in this report. We have continued to show resilience as a business in 2022 and I look forward to working with all of our stakeholders in the years ahead to further develop our business.

Jim North
Chief Executive Officer & Executive Director

11 STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

CA SE STU DY: SHIELDING THE GROUP’S WORKFORCE FROM COVID-19

Since the outset of the global Covid-19 pandemic, Ferrexpo has moved to protect its workforce from the Covid-19 virus and the after-effects that the global pandemic is having on individuals and communities around the world. In early 2020, the Group established the Covid-19 Response Fund, with a total of US$3.5 million of approved funding provided to date. Through measures initiated in 2020 and continued into 2021, including rigorous testing, social distancing measures and staggered shift patterns, the Group has limited the spread of the Covid-19 virus at its operational facilities and has successfully maintained production and capital investment activities to expand output. Medical equipment purchased in 2021 for the Group’s on-site medical centre included the installation of sample analysis machines to determine the severity of infection that an individual has developed, and equipment to measure an individual’s natural immunity to the virus following infection. Following the development of a vaccine for Covid-19 in late 2020, the Group has moved to promote vaccine uptake in its workforce and to facilitate local authorities in their efforts to administer vaccines to local communities and Ferrexpo’s workforce through the provision of its healthcare facility as a vaccination centre for anyone to attend. As of January 2022, the Group’s employee workforce had received over 5,900 doses of Covid-19 vaccinations, with 65% of the workforce being fully vaccinated, approximately double the national average of Ukraine 1 . Ferrexpo is also working with communities to directly counter the spread of the virus beyond its operations. Details of these activities are provided on pages 42 and 72.

65 % Double-vaccination rate in Ferrexpo’s employee workforce, approximately double the rate in Ukraine 1 .

FERREXPO’S RESPONSE TO COVID-19

Image: Ferrexpo’s health centre has been provided as a vaccination hub, helping to provide over 5,900 vaccinations to employees in 2021.

www.ourworldindata.org

IRON ORE PELLETS: MARKET FACTORS

Mar 21	Apr 21	May 21	Feb 21	Jun 21	Jul 21	Jan 21
300	250	200	150	100	50	0
Iron ore (65% Fe) price	Index price (US$/tonne)
C3 freight rate
Atlantic pellet premium

Source: Platts

12 STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Market Review

KEY MARKET DRIVERS

2021 was a year marked by volatility in global market prices for iron ore and rising demand for iron ore pellets in response to rising environmental measures to reduce steelmakers’ emissions. Ferrexpo’s high grade iron ore pellets are priced using the benchmark 65% Fe fines price, with a pellet premium paid in addition to this index, and a freight rate is typically deducted according to the location and type of contract agreed with each customer. This section focuses on the factors affecting pellet pricing, in addition to global supply and demand factors affecting Ferrexpo’s end-market – steel. The Atlantic pellet premium, published on a monthly basis by S&P Platts (“Platts”), is presented in this section as an indicator of pellet premiums throughout the year. The Atlantic pellet premium is, however, based on the index for iron ore fines grading 62% Fe, as published by Platts, and therefore is not directly used by the Group in the typical pricing of its pellets, which are priced off the 65% Fe index.

Iron ore fines prices

Volatility has been a key factor when looking back at global iron ore markets in 2021, affecting a range of key revenue drivers for iron ore producers like Ferrexpo, with the range of iron ore prices seen in 2021 approximately three times the average range in prices seen in the past five years. Iron ore fines prices began 2021 at approximately US$180 per tonne, and rose by between US$40 and US$45 per tonne in both 1Q and 2Q of 2021, with this increase driven by government stimulus packages around the world in response to the global Covid-19 pandemic. This upward trajectory was then reversed in August 2021, with average prices declining by US$42 in 3Q 2021 and US$62 per tonne in 4Q 2021, ending the year at a level last seen in August 2020, back when prices originally began to rise. The decline in fines pricing seen in the second half of 2021 was primarily related to government policies enacted in China to taper markets, and was therefore a controlled measure, which was widely anticipated by market participants. With China accounting for 73% of global iron ore imports in 2021 1 , Chinese demand is the primary driver for iron ore fines prices. Reviewing the market in 2021, Chinese steel production averaged 94 million tonnes a month in the first half of 2021, representing 12% growth year on year and a record level of steel production, with strong demand for iron ore during this period.# STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

Following measures enacted by the Chinese government from July 2021 onwards, Chinese steel output fell to 78 million tonnes a month in the second half of 2021, representing a 17% decline on the first half of 2021, and demand for iron ore softened as a result. Chinese steel production cuts enacted in the summer of 2021 were originally announced as early as 2020, as part of Beijing’s decarbonisation policy announced at the time, with environmental inspections commencing in April 2021 to ensure that each province’s annual production did not exceed 2020 levels. Measures implemented included the removal of export tax rebates in China from August 2021. In terms of the supply-demand balance of the iron ore market, movements in iron ore pricing in 2021 were primarily driven by fluctuations in demand for iron ore, rather than changes in supply of iron ore, which remained relatively stable. Independent consultants CRU estimate that exports of iron ore grew by 38 million tonnes in 2021, representing an increase of 2%. The majority of this additional material came from Brazil and Australia, with the former relating to recovering supply, and the latter primarily relating to additional low grade supply from brownfield sites.

CHART: PREMIUMS PAID FOR HIGH GRADE IRON ORES (65% FE)

	2020	1Q21	2Q21	3Q21	4Q21
Premium paid for high grade (% of 62% Fe Index)	15%	16%	17%	18%	18%

The outlook for the high grade premium is expected to remain positive going forward on the basis of steelmakers increasingly looking to reduce emissions, with specific markets – particularly Europe – expected to drive demand for these ore types faster than other regions, based on aggressive decarbonisation policies currently being adopted by key European governments and the European Commission. An example of such a policy change is the European Union’s Carbon Border Adjustment Mechanism (“CBAM”), which was announced in 2020 and will be gradually implemented between 2022 and 2025. The CBAM envisages a tariff applied to specific goods produced outside of the European Union (“EU”), to account for the cost of carbon. This legislation is designed to strengthen key industries in Europe, such as the steel industry, particularly as this industry faces rising costs associated with climate change. The Group believes that any measure designed to strengthen the European steel industry will improve the purchasing power of European steelmakers to purchase a greater degree of premium raw materials, such as high grade iron ore pellets, and will therefore drive greater demand for the Group’s products.

Pellet premiums

The pellet premium is a premium applied to all pellet sales, and is paid above the Platts 65% Fe Index for Ferrexpo’s pellets. The Atlantic pellet premium in 2021 followed a similar trend to the iron ore fines indices during the year. In the first half of the year, this pellet premium rose as steelmakers worldwide looked to maximise steel output and take advantage of high steel prices. Subsequently, the Atlantic pellet premium fell in the second half of 2021, but did not fall to the same extent as iron ore fines prices, declining from the highs of US$78 per tonne seen in the summer months of 2021 to close the year at US$56 per tonne. This differing dynamic compared to the iron ore fines price is a reflection of the pellet market being governed by buying in different geographic regions – namely steel production in Europe and North East Asia, which collectively account for more than 40% of the global trade in iron ore pellets. Demand for iron ore pellets is therefore more aligned to the health of the steel sector in these two regions, as well as overall pace of decarbonisation seen globally.

Global iron ore pellet exports amounted to approximately 127 million tonnes in 2021, reflecting a contraction of 1 million tonnes versus 2020. The main driver for the decrease in supply seen in 2021 came from lower exports from producers in Brazil, India and the USA, balanced in part by a returning producer in Brazil. Within this total, blast furnace pellet exports contracted by 6 million tonnes during 2021 (representing a 7% reduction), with supply of direct reduction pellets growing by 4 million tonnes (10% increase). This relative stability in the supply of iron ore pellets is a reflection of the difficulties faced by companies looking to introduce new supply of pellets into the market, since new supply requires significant capital investment to commence operations and the relative scarcity of deposits relevant for pelletising operations that have good access to existing infrastructure.

Demand for iron ore pellets in 2022 has been strong in European markets following Russia’s invasion of Ukraine, with iron ore from Russia subject to trade restrictions. Furthermore, pellet demand is expected to increase globally in response to increasing environmental controls. As referenced on page 13, the introduction of the European Union’s CBAM regulations is expected to strengthen the European steel sector in the medium term, and as a result will increase the ability of EU steelmakers to purchase premium products for steelmaking such as iron ore pellets. The global supply of iron ore pellets today is relatively constrained, with the majority of existing suppliers operating at (or near to) full capacity, particularly following the recent completion of the ramp up of Samarco, a Brazilian pellet supplier, which had previously halted production following a tailings dam breach in 2015.

FULL YEAR MARKET INDICES 2021 (US$/tonne, unless stated otherwise, and represent full year averages)

	2021	2020	Change
Platts 62% Fe iron ore fines price CFR China	160	109	+47%
Platts 65% Fe iron ore fines price CFR China	186	122	+53%
65% Fe spread over 62% Fe	26	13	+96%
Atlantic pellet premium (BF pellet)	56	29	+92%
China pellet premium (BF pellet)	52	22	+139%
Direct reduction (“DR”) pellet premium	61	36	+67%
DR premium over Atlantic premium	5	7	-28%
C3 freight (Brazil – China)	27	15	+81%
C2 freight (Brazil – Netherlands)	16	7	+135%
Global steel production (million tonnes)	1,912	1,829	+4%

Source: World Steel Association (64 producing countries, representing 98% total world crude steel production in 2021).
Management estimate.

The near-term outlook for the iron ore fines market and prices in 2022 will depend on the level of activity seen in China in early 2022, following production cuts imposed in 2021, as well as the degree of stockpile drawdown that is seen with steel inventories that have accumulated. If a strong recovery in Chinese demand continues beyond 2Q 2022, then it is expected that the iron ore fines market is likely to become constrained, which would potentially provide a tailwind to iron ore fines prices.

High grade premiums

High grade premiums are the additional prices paid for material that is high grade (65% Fe or above), with this premium averaging US$26 per tonne in 2021 (2020: US$13 per tonne). As the world seeks to decarbonise, steelmakers are increasingly looking to source higher grade iron ores to reduce their emissions footprints. For more information on the environmental benefits of high grade iron ores, please see the Case Study on page 14. This trend is shown through the premiums paid for high grade iron ore fines, with quarterly average premiums climbing consistently throughout 2021, as shown in the chart opposite.

Iron content (% Fe)	Waste	Pure iron ore (70% Fe)	High grade	DR grade	Medium grade	Low grade
	4%	7%	11%	17%	67%	65%
					62%	58%

14 STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Freight rates

The Baltic Exchange’s C3 freight rate, which is indicative for the Group’s overall freight costs, increased significantly in 2021 to US$27 per tonne. This increase was due in part to the market imbalance seen in early 2021 that was created by the global Covid-19 pandemic, with reduced dry bulk shipments from Brazil, resulting in fewer vessels entering the Atlantic basin to receive cargoes. Secondly, increasing fuel prices in the second half of the year resulted in a sharp increase in freight rates, peaking at an average of US$41 per tonne in October 2021, before retreating back to US$26 per tonne by the end of the year. Freight rates are a further example of the volatility seen in 2021 and how this contrasts to previous years. In contrast, the average C3 freight rate for the past five years has varied by just US$14 between US$15 and US$19, whilst the average for 2021 rose by US$12 to U$27 per tonne. In terms of the near-term outlook for freight rates, the forward curve for C3 freight rates indicates that the index in 2022 will fall below the high levels seen in 2021, but will remain above the historical averages seen in previous years, reflecting increased energy costs.

Global steel production

Global steel production, according to the World Steel Association, increased by 4% in 2021 compared to 2020, which also reflects a rise above 2019 levels, indicating the strong return to growth as governments worldwide continue to respond to the global Covid-19 pandemic. During 2021, the majority of this growth in global steel production occurred during the first half of the year, which was 15% up year on year, whereas the second half of 2021 saw a 5% contraction year on year in global crude steel output. This trend was driven by Chinese output, where production increased by 13% year on year in the first half and then contracted by 15% year on year in the second half, ending the year below the total output for 2020. The European steel sector has continued its strong recovery in 2021, growing by 20% in the first half and a further 10% in the second half of the year.# North East Asia, another key market for global iron ore pellet exports, exhibited a similar trend to Europe in 2021, growing by 11% in both halves of2021. Based on data presented by independent consultants CRU, it is expected that the global outlook for hot metal production is set to peak in 2021 (relevant data on this topic to be published in 2022), with global levels of output expected to remain above 1,400 million tonnes between 2022 and 2025. It is expected that the share of steel production from electric arc furnaces will grow from 27% of global crude steel production in 2021 to 31% in 2025.

Steel pricing

The Group closely monitors the margins being made by steelmakers as a lead indicator of possible future movements in the demand for iron ore, with the margin for hot rolled coil (“HRC”) used as an indicator of this. Margins for HRC remained positive throughout 2021, with steel prices remaining elevated despite the fall in raw materials costs seen in the second half of 2021. The Group expects global steel output to rise in 2022, on the basis of steel margins remaining at elevated levels at the present time, with steelmakers increasing output to meet rising global demand for steel.

CASE STUDY: THE IMPORTANCE OF HIGH GRADE IRON ORES

In iron ore, grade is key. For commercially available iron ores, which are predominantly hematite, the maximum iron content is 70%, with the remaining 30% being oxygen (as part of the iron oxide that iron ores are predominantly comprised of). Benchmark iron ores grading 62% Fe are therefore 62% iron, the oxygen as part of the iron oxide molecule, and a component of waste that represents approximately 11% of this material. For low grade ores (58% Fe), the proportion of waste material contained is higher – approximately 17% of the total mass of material being sold. Ferrexpo’s products are high grade and therefore contain between 4% and 7% waste material, and as a result contain up to four times less waste than competitors’ iron ores. This is important, as it is the waste in the ore that steelmakers must supply energy to remove when making steel, with ores that contain more waste requiring more energy to process. In the blast furnace, this energy is typically provided by coal, whereas in the direct reduction process this energy comes from either natural gas or electricity. High grade ores are therefore a tool available to steelmakers to reduce emissions today.

Market Review continued

Ferrexpo plc Annual Report & Accounts 2021

Future trends: Green Steel

A clear trend within the steel sector is decarbonisation, with many of the world’s governments pledging to achieve net zero carbon emissions by either 2050 or 2060. Governments are also setting medium-term targets to establish a trajectory for emissions reduction – typically a 30% reduction by 2030. The European Union is working towards its “Fit for 55” plan announced in July 2021, which is a legislative process aimed at delivering a 55% reduction in carbon emissions by 2030 against a baseline year of 1990. Given Ferrexpo’s close proximity to European steelmakers, this provides the Group with a significant opportunity, since iron ore pellets enable steelmakers to reduce emissions through greater use of direct charge material in their blast furnaces. For more information on the environmental benefits of pellets, please see the Case Study on page 10. This shift towards iron ore pellets is mirrored in data presented by independent consultants CRU, who forecast that global iron ore pellet consumption will increase by15% between 2021 and 2026, whilst consumption of iron ore fines is forecast to contract by 14% during this same period.

CASE STUDY: THE IMPORTANCE OF PROXIMITY TO KEY MARKETS

In a global world that is facing up to the journey of decarbonisation that lies ahead, consumers are looking increasingly for supplies of goods and services to come from local sources. With assets based in Ukraine, Ferrexpo is well positioned geographically to supply the steel sector in both Europe and the Middle East, with Ferrexpo’s peers in Brazil, Canada and South Africa located further away from these key markets. Ferrexpo is able to supply customers in Europe via rail, barge or ocean-going vessel. The Middle East represents the single biggest market for direct reduction pellets today, and with Europe rapidly decarbonising, this is expected to significantly increase pellet demand for this pellet type in the future assteelmakers seek to adapt their production processes. In a world where ocean-going freight contributed as much to Ferrexpo’s total emissions as emissions from mining in 2021, the distance to markets matters.

3 X The distance for Canadian iron ore to reach key European steel mills, representing an additional 4,000km.
5 X The distance for Brazilian iron ore to reach key European steel mills, representing an additional 8,000km.
6 X The distance for South African iron ore to reach key European steel mills, representing an additional 10,000km.

Over time, the Group also intends to increase production of its latest product – the higher grade (67% Fe) direct reduction pellets, which are typically converted to steel using natural gas and then electricity in electric arc furnaces. This is in contrast to the blast furnace method of steelmaking, which typically uses coal as the main fuel to produce steel. Through removing coal from the steel-production process, steelmakers can operate with a significantly lower carbon footprint. Direct reduction pellets represented 4% of the Group’s production in 2021 (2020: 3%), and the Group intends to utilise its expansion plans in the medium term to increase this proportion of production as steelmakers around the worlddecarbonise and demand for this pellet type increases.

Image: Ferrexpo has operations fordelivering pellets via the RiverDanube, providing flexibility intheGroup’s logistics network.
1. Management estimate.

CORE ASSETS

Ferrexpo aims to deliver its business model through a safety-first operating model, instilling a culture of safety throughout its business to deliver successful operating and financial performance.

PEOPLE

Ferrexpo has a workforce of over 10,000 people, and aims to continually train and develop those that work for theGroup.

DEPOSITS

Ferrexpo mines and processes iron ore from the deposits along the Kremenchuk Magnetic Anomaly, a globally significant ore body in scale.

OPERATIONS

Ferrexpo has three mines, two of which were developed by the Group since IPO, and also operates a processing complex and logistics network.

HIGH GRADE PELLET PRODUCTION

Ferrexpo produces high grade iron ore pellets, which are a premium raw material used by steelmakers to increase productivity and reduce emissions. TheGroup’s products carry an iron oregrade of either 65% or 67% Fe.

PREMIUM CUSTOMER BASE

Through developing increasingly high quality, high grade products, the Group isable to market its products to an increasing range of premium steelmakers.

FINANCIAL RESILIENCE

By focusing on higher quality, higher grade forms of iron ore, and selling these products to premium steelmakers, the Group can realise higher margins on its products, providing financial resilience.

PRUDENT CAPITAL ALLOCATION

Through establishing a cash generative and cost competitive business model, the Group is able to deploy capital effectively for the benefit of all stakeholders, balancing investment in future growth andshareholder returns.

Business Model

GENERATING SUSTAINABLE VALUE

KEY STRENGTHS

COMMERCIAL AND OPERATING MODEL

Long life assets The Group has 1.6 billion tonnes of Ore Reserves, representing over 50 years of production ahead at current processing rates.
Established production and logistics The Group’s assets have been supplying the global steel industry with pellets formore than 50 years.
Ability to produce premium products Ferrexpo produces high grade iron ore pellets, a premium form of iron ore for steelmakers. The Group has commenced production of direct reduction pellets, the highest grade commercially available form of iron ore.
Premium customer service Ferrexpo has an established network of customers, spread across four continents, which use pelletsto produce high gradeforms of steel.
Ability to scale and grow operations Ferrexpo has invested overUS$3.0 billion in its operation since IPO, growing production by 25%. The Group’s Wave 1 Expansion plan will see production grow by a further 25% (see page 28 for more information).

UNDERPINNED BY OUR VALUES

Responsibility (See p30-44)
Make it happen (See p8-10)
Integrity (See p44-45)

Ferrexpo plc Annual Report & Accounts 2021

REINVESTMENT FOR FURTHER DEVELOPMENT

CORE ASSETS

Ferrexpo aims to deliver its business model through a safety-first operating model, instilling a culture of safety throughout its business to deliver successful operating and financial performance.

PEOPLE

Ferrexpo has a workforce of over 10,000 people, and aims to continually train and develop those that work for theGroup.

DEPOSITS

Ferrexpo mines and processes iron ore from the deposits along the Kremenchuk Magnetic Anomaly, a globally significant ore body in scale.

OPERATIONS

Ferrexpo has three mines, two of which were developed by the Group since IPO, and also operates a processing complex and logistics network.

HIGH GRADE PELLET PRODUCTION

PREMIUM CUSTOMER BASE

Through developing increasingly high quality, high grade products, the Group isable to market its products to an increasing range of premium steelmakers.# FINANCIAL RESILIENCE

By focusing on higher quality, higher grade forms of iron ore, and selling these products to premium steelmakers, the Group can realise higher margins on its products, providing financial resilience.

PRUDENT CAPITAL ALLOCATION

STAKEHOLDER BENEFITS

COMMERCIAL AND OPERATING MODEL UNDERPINNED BY OUR VALUES

Diversity within one team See p40-41
Continuous innovation See p28-29

Stakeholder	Value (US$)	Change	Description
Employees	US$113 M	(2%)	Wages and salaries paid (2020: US$114M)
Customers	US$2.5 BN	+48%	Revenue generated (2020: US$1.7BN)
Suppliers	US$1.2 BN	+33%	Suppliers of goods and services (2020: US$876M)
Communities	US$6 M	+11%	Donations through Ferrexpo Charity Fund (2020: US$6M)
Environment	US$19 M	+10%	Money spent to safeguard the environment (2020: US$17M)
Government	US$281 M	+180%	Taxes and royalties paid (2020: US$100M)
Investors	US$619 M	+217%	Shareholder returns (2020: US$195M)
Capital providers	US$221 M	+49%	Debt repayments and interest (2020: US$148M)

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Strategic Framework

GENERATING ATTRACTIVE SUSTAINABLE RETURNS

The Group’s purpose is to maximise the value it generates for stakeholders through its operations in Ukraine and global footprint, producing and marketing the highest quality iron ore pellets to the Group’s network of premium customers. This is achieved in tandem with the adoption of modern technologies to deliver production in a safe and sustainable manner.

STRATEGY GOALS

WHAT WAS ACHIEVED IN 2021	STRATEGIC TARGETS FOR 2022
PRODUCE HIGH QUALITY PELLETS - Expand existing customer portfolio with additional high quality steelmakers. - Develop direct reduction pellet offering with trial cargoes shipped to potential new customers for this product type. - Further investments in mining, concentrator and pelletiser. - Group’s position maintained as third largest global exporter of iron ore pellets, producing 11.2Mt of pellets in 2021 (2020: 11.2Mt). - Increased proportion of high grade products to 100% (2020: 99%). - Increasing grade: direct reduction pellets representing 4% of total production in 2021 (2020: 3%). - Secured first long-term contract for DR pellets. - Commenced sales of commercial concentrate.	- Maintain production during Russian invasion of Ukraine, where possible. - Further develop new product offering. - Maintain sales under long-term contract. - Enhance understanding of DR pellet markets.
LOW COST PRODUCTION - Target further cost reduction initiatives through disciplined cost control and further dilution of fixed costs through production increases. - C1 cash cost of production A increased by 34% to US$55.8 per tonne, reflecting commodity input costs. - The Group maintains a low cost position on the global cost curve of iron ore producers, as assessed by independent consultants CRU (see page 25). - Diesel consumption rate per tonne mined fell by 7% in 2021, reflecting improved productivity. - Consumption rate of natural gas, a key consumable in the pelletiser operations, increased by 16% in 2021, reflecting trials of higher grade direct reduction pellets. - Consumption rate of electricity, predominantly applicable to processing, rose by 1% in 2021, reflecting increased processing to achieve higher grade products.	- Maintain position as a low cost iron ore producer on global C1 cost curve.
SELL TO A WORLD CLASS CUSTOMER PORTFOLIO - Develop relationships with new customers for existing blast furnace pellet offering. - Further work to establish direct reduction pellet offering with new customers. - Establish presence in selling high grade concentrate, either through synergies with existing customers or through new relationships. - Pivot of sales back to Europe following peak of global Covid-19 pandemic, returning to historic market balance. - Secured first long-term contract for direct reduction pellets. - Developed new relationships for new products (direct reduction pellets and commercial concentrate).	- Continue discussions with existing customer network, to optimise pellet mix with customer requirements, particularly as customers seek to accelerate decarbonisation plans. - Effective and clear communication with customers during Russian invasion of Ukraine. - Maintain existing portfolio of premium customers. - Maintain high proportion of sales under long-term contract. - Add additional premium customers in target markets (Europe and DR markets).
MAINTAIN SOCIAL LICENCE TO OPERATE - Target zero harm for workforce. - Maintain LTIFR safety metric below five-year trailing average and iron ore producing peer group. - Continue efforts to improve productivity and reduce Scope 1 and 2 emissions footprints per tonne. - Maintained a safe operating environment with zero fatalities, and LTIFR of 0.41 in 2021, representing performance materially below five-year trailing average for third successive year. - UAH 153 million invested in communities through Ferrexpo Charity Fund in 2021, which celebrated its tenth anniversary since inception in March 2021. - Further 16% reduction in carbon footprint at operations (direct and indirect) in 2021, matching reduction from 2020. - Emissions targets set in 2021, with the Group achieving its 30% reduction against the baseline year (2019) and goal of net zero emissions by 2050. - “Fe_munity” women in leadership programme, for advancing careers of female employees.	- Protect workforce during Russian invasion of Ukraine. - Maintain strong safety record. - Continue to reduce carbon footprint (Scopes 1, 2 and 3). - Promote diversity in the workplace. - Continue to deliver value to communities.
DISCIPLINED CAPITAL ALLOCATION - Continued development of operations, delivering volume growth and quality improvements. - Continue to pay dividends as appropriate with cash flows in 2021 and in line with shareholder returns policy. - Maintained strong balance sheet, with net cash position as at 31 December 2021 of US$117 million (2020: US$4 million). - Repaid pre-export finance debt facility, de-risking business. - Balanced capital allocation in 2021, increasing capital investment A by 75% to US$361 million (33% of operating cash flow) and shareholder returns (57% of operating cash flow). - Published shareholder returns policy in November 2021, targeting returns based on free cash flow of the Group, to maintain ability to invest in operations. - To date, the Group has paid dividends amounting to the equivalent 37% of free cash flow in respect of 2021.	- Invest in the Group’s assets for growth. - Continue the Group’s balanced approach to stakeholders. - Maintain a strong balance sheet.

STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

STRATEGY GOALS

WHAT WAS ACHIEVED IN 2021	STRATEGIC TARGETS FOR 2022
PRODUCE HIGH QUALITY PELLETS - Expand existing customer portfolio with additional high quality steelmakers. - Develop direct reduction pellet offering with trial cargoes shipped to potential new customers for this product type. - Further investments in mining, concentrator and pelletiser. - Group’s position maintained as third largest global exporter of iron ore pellets, producing 11.2Mt of pellets in 2021 (2020: 11.2Mt). - Increased proportion of high grade products to 100% (2020: 99%). - Increasing grade: direct reduction pellets representing 4% of total production in 2021 (2020: 3%). - Secured first long-term contract for DR pellets. - Commenced sales of commercial concentrate.	- Maintain production during Russian invasion of Ukraine, where possible. - Further develop new product offering. - Maintain sales under long-term contract. - Enhance understanding of DR pellet markets.
LOW COST PRODUCTION - Target further cost reduction initiatives through disciplined cost control and further dilution of fixed costs through production increases. - C1 cash cost of production A increased by 34% to US$55.8 per tonne, reflecting commodity input costs. - The Group maintains a low cost position on the global cost curve of iron ore producers, as assessed by independent consultants CRU (see page 25). - Diesel consumption rate per tonne mined fell by 7% in 2021, reflecting improved productivity. - Consumption rate of natural gas, a key consumable in the pelletiser operations, increased by 16% in 2021, reflecting trials of higher grade direct reduction pellets. - Consumption rate of electricity, predominantly applicable to processing, rose by 1% in 2021, reflecting increased processing to achieve higher grade products.	- Maintain position as a low cost iron ore producer on global C1 cost curve.
SELL TO A WORLD CLASS CUSTOMER PORTFOLIO - Develop relationships with new customers for existing blast furnace pellet offering. - Further work to establish direct reduction pellet offering with new customers. - Establish presence in selling high grade concentrate, either through synergies with existing customers or through new relationships. - Pivot of sales back to Europe following peak of global Covid-19 pandemic, returning to historic market balance. - Secured first long-term contract for direct reduction pellets. - Developed new relationships for new products (direct reduction pellets and commercial concentrate).	- Continue discussions with existing customer network, to optimise pellet mix with customer requirements, particularly as customers seek to accelerate decarbonisation plans. - Effective and clear communication with customers during Russian invasion of Ukraine. - Maintain existing portfolio of premium customers. - Maintain high proportion of sales under long-term contract. - Add additional premium customers in target markets (Europe and DR markets).
MAINTAIN SOCIAL LICENCE TO OPERATE - Target zero harm for workforce.	# STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Key Performance Indicators

MEASURING OUR PERFORMANCE

See pages 207 to 209 for a reconciliation of Alternative Performance Measures to the IFRS equivalent.

FINANCIAL KEY PERFORMANCE INDICATORS (“KPIs”)

Underlying EBITDA A

	2021	2020	2019
A	US$1,439 M	US$859m	US$503m

Underlying EBITDA A represents profit before tax and finance plus depreciation and amortisation, net gains and losses from disposal of investments and property, plant and equipment, share-based payments and write-offs and impairment losses. Underlying EBITDA A measures the Group’s ability to generate cash as well as providing a useful measure of operating performance excluding certain non-cash items. In 2021, Underlying EBITDA A increased by 68% to US$1,439 million, reflecting increased commodity pricing.

Link to strategy: 1, 2, 3, 4 & 5
Closest equivalent IFRS measure: profit before tax and finance

Profit after tax

	2021	2020	2019
	US$871 M	US$635m	US$403m

In addition to Alternative Performance Measures, Ferrexpo considers the IFRS results of the Group to be an important measurement of profitability. In 2021, profit for the year was 37% higher at US$871 million, reflecting increased commodity pricing.

Link to strategy: 1, 2, 3, 4 & 5

Net Cash/(Debt) A

	2021	2020	2019
A	US$117 M	US$4m	(US$281m)

Ferrexpo uses its net cash/(debt) position as an indicator of the relative level of indebtedness of the Group and therefore the overall strength of the Group’s balance. As of the end of 2021, the Group continues to be in a net cash position, reflecting the strong performance of the Group in recent years.

Link to strategy: 1, 2, 3, 4 & 5

Net cash flow from operating activities

	2021	2020	2019
	US$1,093 M	US$687m	US$473m

Net cash flow from operating activities represents the cash flow generation ability of the Group, and indicates the level of cash flow available for investments, returns to shareholders and debt reduction. In 2021, net cash flow from operating activities increased by 59% to US$1,093 million, reflecting higher realised pellet pricing and increased product quality.

Link to strategy: 1, 2, 3, 4 & 5

21 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

Link to strategy
1. Produce high quality pellets.
2. Be a low cost producer.
3. Sell to a world class customer portfolio.
4. Maintain a social licence to operate.
5. Maintain appropriate capital allocation between a strong balance sheet, returns to shareholders and investment for growth.

NON-FINANCIAL KEY PERFORMANCE INDICATORS (“KPIs”)

Lost time injury frequency rate (“LTIFR”)

	2021	2020	2019
	0.41	0.41	0.79

It is the Group’s highest priority to ensure its workforce operates in a safe environment and is trained in safe working practices. The LTIFR is an industry standard measurement and an important indicator of how safe the work environment is. The Group’s LTIFR in 2021 was 0.41, representing the third successive year that this metric is materially below the Group’s five-year trailing average (0.98).

Link to strategy: 1, 2, 3, 4 & 5

Production volumes

	2021	2020	2019
	11.2 MT	11.2 MT	10.5 MT

Production volumes measure the Group’s ability to meet customer demand as well as provide an indication of the Group’s operational performance. In 2021, production was in line with 2020 as a result of the completion of several projects to upgrade capacity in the Group’s pelletiser in Ukraine.

Link to strategy: 1, 2, 3 & 5

C1 cash costs of production A

	2021	2020	2019
A	US$55.8 /T	US$41.5 /T	US$47.8 /T

The C1 cash cost of production A is the cost of production processes to the factory gate, divided by production. This is an industry standard measurement and assesses Ferrexpo’s relative competitiveness compared to other pellet producers. In 2021, Ferrexpo’s C1 cash cost of production A increased by 34% to US$55.8 per tonne, reflecting higher energy costs.

Link to strategy: 2 & 5

Sales volume by region

Region	2021	2020	2019
Europe, including Turkey (BF pellet)	58%	36%	56%
North East Asia (BF pellet market)	8%	5%	16%
China & South East Asia (BF pellet market)	30%	56%	28%
Middle East & North Africa (DR pellet market)	0.4%	0%	0%
North America (DR pellet market)	3%	2%	0%

Ferrexpo believes it is important to have a diversified customer base to be able to withstand periods of volatility in specific regions. In 2021, the Group saw a gradual return to historic balance of market demand for its products, following the initial peak of the global Covid-19 pandemic, which resulted in a temporary pivot in sales towards China in 2020.

Link to strategy: 3 & 5

22 STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Financial Review

DELIVERING VALUE THROUGH INVESTMENT

Through investment in high grade iron ore products, the Group has been able to maintain its position as a high margin business, further enabling the Group to continue its strategy of investing for future growth and returns.

Summary

Through rising pellet quality and strong market demand for high grade, premium forms of iron ore such as pellets, the Group saw revenues in 2021 increase by 48% to US$2.5 billion and Underlying EBITDA A increase by 68% to US$1,439 million (2020: US$859 million), maintaining the Group’s position as a high margin business. The Group has maintained its balanced approach to capital allocation, with capital investment A rising by 75% to US$361 million. The Group realised a net operating profit after tax of US$871 million in 2021 (2020: US$635 million) following the accounting of an impairment loss of US$231 million as at 31 December 2021.

Revenue

Group revenues increased in 2021 by 48%, relating to increases in commodity pricing seen during the year – principally iron ore prices, premiums for high grade materials and pellet premiums. Total sales for the period fell by 6%, reflecting the de-stocking process that was conducted in 2020 in response to the onset of the global Covid-19 pandemic. Revenues also benefited from the increase to 100% high grade iron ore products (2020: 99%). For further information, please see the Operational Review section on pages 26 to 27.

Seaborne freight revenue arising from CFR sales increased revenue by US$12 million compared to 2020, reflecting the net effect from higher freight rates, partially offset by lower sales volumes to Asia. Finally, the revenues from the Group’s barging and bunker operations, First-DDSG Logistics Holding, increased by US$4 million in 2021 compared with 2020 as a result of higher freight rates and bunker prices, partially offset by a lower volume shipped.

REVENUE +48 % Increase in revenues, reflecting strong demand for the Group’s high grade iron ore product portfolio.

UNDERLYING EBITDA A MARGIN 57 % Investing in high grade iron ore delivers strong Underlying EBITDA A margin (2020: 50%).

INVESTING FOR GROWTH +75 % Investing for future growth with capital investment A of US$361 million in 2021 (2020: US$206 million).

Image: Nikolay Kladiev, appointed Group Chief Financial Officer in August 2021.# STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

C1 cash cost of production A

The Group’s average C1 cash cost of production A was US$55.8 per tonne in 2021, compared with US$41.5 per tonne in 2020, with this increase in the Group’s cost base relating to a global rise in commodity input prices, which applies to approximately 50% of the Group’s cost base. In the first half of 2021, global commodity prices rose as global economies experienced a recovery from the financial effects of the global Covid-19 pandemic. Following this rise in the first half of 2021, global energy prices rose further due to a tightness in the supply of crude oil, following production cuts announced in late 2020 by OPEC nations. Consequently, oil prices rose from US$55 per barrel in January 2021 to a peak of US$84 per barrel in October 2021, representing a rise of more than 50%, before retreating during the fourth quarter 1.

The Group pays royalties on the extraction and sale of iron ore products to the Ukrainian government, with this royalty regime updated in late 2021. This new royalty regime, which came into force in January 2022, includes a royalty payment based on the spot iron ore (62% Fe) fines price, with no reference to pellet premiums or freight rates, which is structured as follows: (1) at monthly iron ore prices (62% Fe) less than or equal to US$100 per tonne, a royalty rate of 3.5% will apply to iron ore product sales, (2) at prices less than or equal to US$200 per tonne a royalty rate of 5% will apply and (3) at prices above US$200 per tonne a 10% royalty rate will apply. Royalties are not tiered and therefore the rate applied will apply to the full price of the iron ore product being sold. This compares to the previous iron ore royalty calculation whereby the Group paid a flat royalty rate of approximately US$3.5 per tonne of all tonnes sold.

In line with previous years, the Group’s C1 cash cost of production A represents the cash costs of production of iron pellets from own ore (to the mine gate), divided by production volume from own ore, and excludes non-cash costs such as depreciation, pension costs and inventory movements, as well as the costs of purchased ore, concentrate and gravel. The C1 cash cost of production A (US$ per tonne) is regarded as an Alternative Performance Measures (“APM”). For further information, please see pages 207 to 209.

Selling and distribution costs

Total selling and distribution costs were US$340 million in 2021 (2020: US$309 million), reflecting an increase in freight rates, offset by a decrease in sales to Asia. As a result, international freight costs arising from CFR sales increased by US$36 million compared to 2020.

General and administrative expenses

The general, administrative and other expense in 2021 was US$72 million (2020: US$62 million), with this increase mainly due to higher consulting fees related to the business improvement projects and personnel expenses in Ukraine linked to local inflation.

Currency

Ferrexpo prepares its accounts in US dollars. The functional currency of the Group’s operations in Ukraine is the Ukrainian hryvnia, which has historically represented approximately half of the Group’s operating costs. In 2021, the hryvnia appreciated by 4% from UAH 28.275 per US dollar on 1 January 2021 to UAH 27.278 per US dollar as of 31 December 2021. For further information, please see section on C1 cash cost of production A on page 22 and Case Study on page 25. Local balances as of 31 December 2021 are converted into the Group’s reporting currency at the prevailing exchange rate. The appreciation of the hryvnia resulted in a US$79 million increase in net assets in 2021 (2020: decrease of US$301 million), as reflected in the translation reserve, net of an associated tax effect.

Operating foreign exchange gains/losses

Given that the functional currency of the Ukrainian subsidiaries is the hryvnia, an appreciation of the hryvnia against the US dollar results in foreign exchange loss on the Group’s Ukrainian subsidiaries’ US dollar denominated receivable balances (from the sale of pellets). The operating foreign exchange loss in 2021 was US$38 million compared to a gain of US$61 million in 2020 when the hryvnia depreciated.

Non-operating foreign exchange gains/losses

Non-operating foreign exchange gains are mainly due to the conversion of the hryvnia denominated intercompany payable balances and the conversion of euro denominated loans (at the Group’s barging facility) into the functional currency of the respective Group’s subsidiary. In 2021, the Group recorded a non-operating foreign exchange loss of US$3 million (2020: gain of US$5 million), which was driven by a 4% appreciation of the hryvnia during the year against the US dollar, as well as fluctuations in the euro/US dollar exchange rate. For further information, please see Note 9 Foreign exchange gains and losses to the Consolidated Financial Statements.

Underlying EBITDA A

Underlying EBITDA A in 2021 increased by 68% to US$1,439 million, with this increase reflecting a balance of positive factors, including the 53% increase seen in iron ore fines prices, a 92% increase in the Platts Atlantic pellet premium, balanced by negative factors such as a 6% decrease in sales volumes, 34% increase in C1 cash costs of production A and an 81% increase in the C3 freight rate. The Group’s Underlying EBITDA A for 2021 includes a non-cash operating forex loss of US$38 million in 2021 (2020: non-cash operating forex gain of US$61 million).

KEY FINANCIAL PERFORMANCE INDICATORS

US$ million (unless stated otherwise)	2021	2020	Change
Total pellet production (kt)	11,220	11,218	+0.02%
Sales volumes (kt)	11,350	12,062	-6%
Iron ore price (65% Fe Index, US$/t)	186	122	+53%
Revenue	2,518	1,700	+48%
C1 cash cost of production A (US$/t)	55.8	41.5	+34%
Underlying EBITDA A	1,439	859	+68%
Underlying EBITDA A margin	57%	50%	+7pp
Debt servicing	215	146	+47%
Capital investment A	361	206	+75%
Closing net cash	117	4	+3,215%

UKRAINIAN HRYVNIA VS. US DOLLAR

	2 UAH per US$
Spot 20.04.22	29.255
Opening rate 01.01.21	28.275
Closing rate 31.12.21	27.278
Average 2021	27.286
Average 2020	26.958

Source: EIA.
Source: National Bank of Ukraine.

Ferrexpo plc Annual Report & Accounts 2021

Financial Review continued

Interest

Interest expense on loans and borrowings declined by 57% to US$10 million compared to US$22 million in 2020, due to a lower average outstanding debt balance. The average cost of debt was 4.7% for the period until the full repayment of the Group’s major debt facility in June 2021 (average 31 December 2020: 5.2%). Further details on finance expense are disclosed in Note 10 Net finance expense to the Consolidated Financial Statements.

Tax

In 2021, the Group’s tax expense was US$200 million (2020: US$113 million). The effective tax rate for 2021 was 18.7% (2020: 15.1%). The increase in the effective tax rate was driven by a higher proportion of taxable profits in Ukraine and the impairment loss, which is not tax deductible. In 2021, the Group paid income taxes of US$228 million (2020: US$57 million), of which US$221 million were paid in Ukraine (2020: US$54 million). A total of US$29 million of income taxes related to 2021 are expected to be paid in 2022, of which US$21 million in Ukraine. Further details on taxation are disclosed in Note 11 Taxation to the Consolidated Financial Statements.

Items excluded from underlying earnings

The Group has recognised an impairment charge of US$231 million as at 31 December 2021, relating to stockpiled low grade ore as it cannot reliably predict when this material will be processed. Please see Note 17 Inventories to the Consolidated Financial Statements for more information.

Profit for the period

Profit for the period increased 37% to US$871 million compared with US$635 million in 2020, reflecting a 44% increase in operating profit (including operating foreign exchange effects) and US$3 million lower net financial expense and a foreign exchange loss of US$38 million compared to a foreign exchange gain of US$61 million in 2020, in addition to a higher income tax expense of US$200 million.

Cash flows

Operating cash flow before working capital increased 85% while the working capital outflow in 2021 was US$139 million compared to an outflow of US$24 million in 2020. The increase in the working capital outflow largely reflects higher balances of trade and other receivables, prepayments made as of 31 December 2021 and higher inventories, which were mainly as a result of shipments that slipped into 2022 due to bad weather conditions at the Group’s loading port at year end. As a result of the higher operating cash flow, the net cash flow from operating activities increased 59% to US$1,094 million in 2021 (2020: US$687 million). Capital investment was US$361 million, an increase of 75% compared to 2020 (US$206 million), while dividends paid during the 2021 calendar year increased by 220% to 105.6 US cents compared to 33.0 US cents in 2020.

Capital investment A

Capital expenditure in 2021 was US$361 million compared to US$206 million in 2020. Of this amount for 2021, sustaining and modernisation capex was US$113 million (2020: US$103 million), covering activities at all of Ferrexpo’s major business units. In relation to growth capital investment A , total investment in the Group’s concentrator and pelletiser, including the Wave 1 Expansion, amounted to US$111 million in 2021 (2020: US$34.3 million). In addition, FPM invested US$34 million on the press filtration project, which is set for completion in 2022. Further areas of capital investment A included mine stripping and development of US$69 million in 2021 (2020: US$14 million) and US$6 million invested in the infrastructure, development and exploration of the Bilanivske (Belanovo mine), Galeschynske and Northern Deposits (2020: US$6 million).# STRATEGIC REPORT

Shareholder returns

In view of Russia’s invasion of Ukraine and the ongoing hostilities, the Board has decided to defer any decision in relation to an interim dividend in conjunction with the Group’s full year results for 2021. The Board will continue to assess the situation and when appropriate make a decision in relation to shareholder returns. Total dividends paid to date in respect of 2021 are 46.2 US cents (2020 total: 85.8 US cents). In November 2021, the Group announced a shareholder returns policy outlining the Group’s intention to deliver 30% of free cash flows as dividends in respect of a given year. To date, the Group has announced dividends in respect of the 2021 financial year representing 37% of the Group’s free cash flow in 2021. Following repayment of the Group’s PXF Facility in June 2021, the Group no longer has a financial covenant restriction over the total available distributable profits of the Group (noting that any dividend payment must still comply with distributable reserve requirements under company law). The Group’s Board will consider, as appropriate, whether or not to propose a further interim dividend in respect of 2021.

Debt and maturity profile

Ferrexpo has a strong balance sheet, low levels of gross debt and had a net cash position as of 31 December 2021. As of 31 December 2021, the Group’s net cash position was US$117 million (31 December 2020: US$4 million net cash position). Gross debt as of 31 December 2021 was US$50 million compared with US$266 million as of 31 December 2020. The Group’s gross debt relates to short-term trade finance facilities that typically have tenures of less than 12 months.

As of 31 December 2021, the credit ratings agency Moody’s has a long-term corporate and debt rating for Ferrexpo of B2, with a negative outlook. The credit ratings agency Fitch maintains a BB- rating on the Group, with a stable outlook. While the credit rating of Ferrexpo is capped by the sovereign credit rating of Ukraine, the ceiling for credit ratings ascribed to Ferrexpo by both Fitch and Moody’s are higher (one notch above sovereign for Moody’s and two notches above sovereign for Fitch).

Following the start of the Russian invasion of Ukraine on 24 February 2022, the credit ratings agencies have taken steps to update their assessment on Ukrainian issuers. As of 4 April 2022, with regards to Ferrexpo plc, Moody’s has a long-term corporate and debt rating for Ferrexpo of Caa2, with a negative outlook, while the credit ratings agency Fitch has a long-term corporate and debt rating for Ferrexpo plc of B-, with a negative outlook. While the credit rating of Ferrexpo is capped by the sovereign credit rating of Ukraine, the credit rating ascribed to Ferrexpo by Fitch is higher. The credit ratings agency Standard & Poor’s has temporarily suspended the credit rating for Ferrexpo plc.

Related party transactions

The Group enters into arm’s length transactions with entities under the common control of Kostyantin Zhevago and his associates. For further information, please see Note 34 Related party disclosures.

US$55.8/t (2020: US$41.5/t)

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

CA SE STU DY: MAINTAINING A LOW CASH COST OF PRODUCTION

The Group’s C1 cash cost of production A is governed by a range of factors, with energy costs historically representing approximately half of the cost base through the Group’s exposure to diesel prices (mining), electricity prices (predominantly processing) and natural gas prices (pelletising). The Group’s full year C1 cash cost of production A rose by 34% to US$55.8 per tonne, primarily reflecting a rise in the second half of the year due to high energy costs. Over the full year, increasing energy costs have accounted for a combined US$10 per tonne increase in the Group’s C1 cash cost of production A , with a further US$2 per tonne increase attributable to spare parts and maintenance costs per tonne combined. Elevated energy prices are expected to remain in place going into 2022, with a gradual decline to historic levels expected during the course of first half of the year. Through its production of high grade iron ore pellets, the Group remains competitive for costs on a global scale, as shown in the pellet cost curve, presented by independent consultants CRU. With the increases in energy costs described above, the Group has moved from the first to the second quartile of costs for pellet producers, but the Group retains a cost advantage over more than 55 million tonnes of existing pellet production, representing approximately half of the current market of iron ore pellets. Given the long-term value proposition of high grade iron ore and pellet premiums, as outlined in the Case Studies provided in this report, the Group believes that it will continue to be globally competitive on its cost of production. For more details of the increasing premiums paid for high grade iron ore, please see page 13.

CHART: BREAKDOWN OF FERREXPO’S C1 CASH COST OF PRODUCTION A

Category	Percentage
Electricity	23%
Gas + Biofuel	16%
Fuel	6%
Materials	8%
Spare parts	11%
Personnel costs	8%
Repair service	11%
Grinding bodies	8%
Royalties	6%
Blasting	2%

CRU BREAKDOWN PELLET COST CURVE TO NATURAL MARKETS (US$ PER TONNE)

90
80
70
60
50
40
30
20
10
0

Pellet cost for delivery to China (US$ per tonne)

Quartile
3rd Quartile
2nd Quartile
1st Quartile

FERREXPO

Cumulative pellet exports, 2021, Mt (dry)
0
30
60
90

Definition: Business costs are the sum of realisation costs and site costs. Realisation costs include the cost of getting the material to market, the marketing of the material and the financing cost of selling the material. The power of business costs is that by adjusting all product qualities relative to the same benchmark (62% Fe fines product delivered to North China), it allows all mines to be compared on a cost curve on a like-for-like basis. This also means that by subtracting the benchmark price from the business costs for a mine an estimate of cash flow from that operation is obtained.
Source: CRU Group.
Note: above numbers are rounded.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Operational Review

Russia-Ukraine conflict (2022)

To date, the Group has managed to continue production operations during Russia’s invasion of Ukraine in 2022, with the Group curtailing non-core activities. Shipments continue via rail and barge to Europe, but seaborne exports via the port of Pivdennyi have been temporarily suspended. Please see the Group’s press releases for up-to-date operational updates.

Mining (2021)

Total mining volumes increased by 21% in 2021, with the Group preparing for the Wave 1 Expansion, which will require an increase in supply of iron ore to the Group’s processing plant upon completion. At FPM, mining activities in 2021 remained in line with 2020, but the Group significantly increased total volume movements at FYM to over 60 million tonnes, representing a 39% increase, underscoring FYM’s role for the Group’s near-term growth ambitions. FBM is the key project in the Group’s medium-term growth plans, and this project saw a seven-fold increase in material moved to 10 million tonnes in 2021, with this mine expected to continue its ramp up of activities over time. Additional projects under way in the Group’s mines include the ongoing automation of the haul truck fleet at FYM (see Case Study on page 27), as well as ongoing discussions to electrify the Group’s mining fleet, which is likely to include trolley assist and battery technology (see Case Study on page 29). Both projects are expected to offer long-term benefits in safety performance, productivity and emissions reduction. Total mining volumes in 2022 across the Group’s two ore-producing mines – FPM and FYM – are expected to remain in line with 2021, reflecting the recent step up in waste stripping activities ahead of the Wave 1 Expansion. For more information on the Group’s growth plans, please see page 28.

Processing (2021)

The Group’s processing plant has seen significant investment in recent years, and as a result, ore tonnes processed and concentrate tonnes produced both increased by 5% in 2021, with the Group expecting further growth in future years. The pelletiser was the focus of investments in processing in 2021, with upgrade work taking place in three distinct phases throughout the year.

OPERATIONAL PERFORMANCE (000’t unless otherwise stated)

	2021	2020	Change
Production
Iron ore mined	33,764	29,842	+13%
Strip ratio	3.5	3.2	+9%
Iron ore processed	31,111	29,723	+5%
Concentrate production	14,655	14,007	+5%
Pellet production	11,220	11,218	+0.02%
– Direct reduction pellets (67% Fe)	431	339	+27%
– Premium blast furnace pellets (65% Fe)	10,790	10,780	+0.1%
– Basic blast furnace pellets (62% Fe)	–	98	-100%
Commercial concentrate production	234	183	+28%
Iron ore sales
– Pellets	11,115	11,878	-6%
– Concentrate	234	183	+28%
– Total products sold	11,349	12,062	-6%

2021 saw operations continue to develop and grow, with work already under way for the next phase of growth, with the Wave 1 Expansion set to add three million tonnes of additional capacity.

STRONG PRODUCTION PERFORMANCE
11.2 MT Pellet production in line with previous year, despite 60 days of planned downtime for pellet line upgrades in 2021.

QUALITY IMPROVEMENTS CONTINUE
+27 % Output of higher grade direct reduction pellets rose by 27% in 2021, and is expected to increase further in 2022.

PREPARING FOR FUTURE GROWTH
+21 % 21% increase in mining volumes in 2021, in preparation for the Wave 1 Expansion.

Image: Inspecting one of the Group’s automated CAT 793D haul trucks during regular maintenance.
Image: Installation of new equipment at the new press filtration complex, one of the final processing stages in the Group’s concentrator.# STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

Following the approval of the Group’s Wave 1 Expansion in October 2021, the Group has taken the decision to focus on the processing of high grade ores to maximise production, and has therefore realised an impairment on the value of the low grade ore stockpiled at site. Please see Note 17 Inventories to the Consolidated Financial Statements for more information.

A key project completed in early 2022 is the Group’s press filtration complex, which will help improve product quality and reduce natural gas consumption through lowering the moisture content of pellets before entering the pelletisation process. The work completed to date represents the first phase of this project, which will help facilitate an increase in throughput of material through the Group’s processing facilities.

In terms of product quality, the Group has phased out production of medium grade products, transitioning to 100% high grade (65% Fe and above) production as of 2021 (2020: 99%). This shift marks the culmination of 15 years of investment in high grade production since the Group’s IPO, and reflects a shift in preference by the Group’s premium customers, who use pellets to make premium types of steel. To understand the importance of high grade materials to steel companies, please see the Case Study on page 14.

Ferrexpo continues to use sunflower husks as a substitute for natural gas in the pelletiser, with 18% of pelletiser energy use sourced from sunflower husks in 2021 (2020: 25%). The decrease seen in 2021 correlates to commercial trials of producing direct reduction pellets, and the Group expects consumption rates of sunflower husks to increase as the Group’s understanding of the technical requirements of producing this pellet type increases.

Logistics (2021)

Sales volumes fell 6% in 2021 as a result of the Group conducting a one-off de-stocking process in early 2020. Production and sales volumes in 2021 returned to a level broadly matching each other.

In December 2021, the Group also conducted a trial shipment to a German steel mill via rail, which has the potential to reduce the Group’s Scope 3 emissions footprint through use of the electrified rail network in Europe, as well as having the potential to cut delivery times in half to certain customers.

In 2021, the Group’s subsidiary First-DDSG transported 0.8 million tonnes of iron ore pellets via the River Danube (2020: 0.8 million tonnes), providing additional logistics flexibility for the Group to supply customers in Europe.

CA SE STU DY: MINING FLEET AUTOMATION

In December 2020, the Group was proud to unveil the latest phase of autonomy in its business – Europe’s first large scale autonomous haul trucks. The Group has continued to progress this project, with the first phase of automation completed, representing the first six CAT 793D trucks at the Yeristovo mine.

Over time, the Group plans to continue to introduce fleet automation throughout its mining operations in line with this equipment showing improvements in both safety and productivity. Through automation, the Group expects to see significant benefits in safety, productivity and maintenance. The autonomous fleet continues to improve in its fleet utilisation levels, and in November 2021 the Group’s automated fleet achieved the same rates of utilisation as the Group’s historic level.

JORC-COMPLIANT ORE RESERVES AND MINERAL RESOURCES

	Proven	Probable	Total
JORC-compliant Ore Reserves
Mt Fe total % Fe magnetic %	Mt	Fe total %	Fe magnetic %
Gorishne-Plavninske-Lavrykivske (“GPL”)	300	33	26
Yerystivske	220	30	25
Total	526	32	26

	Measured	Indicated	Inferred	Total
JORC-compliant Mineral Resources
Mt Fe total % Fe magnetic %	Mt	Fe total %	Fe magnetic %	Mt
Gorishne-Plavninske- L a v r y k i v s ke (“GPL”)	472	35	29	1,627
Yerystivske	269	35	29	571
Bilanivske	336	31	24	1,149
Total	1,077	34	27	3,347

The Group’s JORC-compliant Ore Reserves and Mineral Resources shown above are based on an independent review completed by Bara Consulting, and are shown on a depleted basis as of 1 January 2022. The Group previously reported a resource estimate of 326Mt for the Galeschynske deposit, which is the subject of a legal dispute and is therefore not shown above; please see page 59 for more information.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Operational Review continued

Growth projects in 2021

Recent projects completed include the pelletiser upgrade work primarily completed in 2021, as well as the concentrator upgrade and concentrate stockyard that were both completed in 2020. Through this work, the Group aims to provide stability and consistency in pellet production, growth in production volumes, and growth in product quality.

Wave 1 Expansion

The Group’s Wave 1 Expansion is an ambitious project to add approximately 25% of the Group’s existing pellet capacity in the next three years. In light of the current conflict in Ukraine, the Group has temporarily paused investment in growth projects and will look to recommence growth activities once additional clarity on the outlook for Ukraine is known. Please see the Principal Risks section for more information (pages 56 to 72).

Expansion plans in the processing of magnetite iron ore are modular in nature, whereby processing increased volumes uses larger and more advanced pieces of equipment, largely replicating the existing process flow sheet. The Group’s investments to date have been a reflection of this, and the Group’s Wave 1 Expansion will be a continuation of this strategy.

Each key aspect of the production process required to deliver the Wave 1 Expansion are shown in the diagram opposite, with pre-stripping activities commencing in 2021, and reflected in a 21% increase in the total tonnes mined during the year.

The all-in capital intensity of the Wave 1 Expansion at the Group’s operations is expected to be approximately US$200 per tonne of additional pellet capacity. The Group also expects to see additional benefits and flexibility in processing different ore types as a result of the Wave 1 Expansion. Through adding modern equipment, such as the planned high-pressure grinding rolls in the beneficiation plant, the Group expects to see efficiency savings for key consumables such as electricity, which will have a positive effect on the Group’s cost structure and environmental footprint.

GROWTH PLANS

The Group has now invested over US$3 billion in its operations since IPO, with over 85% of this investment at the Group’s operations in Ukraine.

WAVE 1 EXPANSION

MINING
- Scale: increasing total volumes mined from 125Mt in 2020 to approximately 265Mt.
- Equipment required: additional excavators and haul trucks.
- Phasing: gradual increase.
- Total investment: US$180 million, excluding trolley-assist.
CRUSHING & BENEFICIATION
- Scale: increasing crushing capacity to more than 45Mt.
- Equipment required: minor upgrades to primary crushing, additional secondary and tertiary crushing capacity. Contracts signed with Metso and Weir Minerals.
- Total investment: US$240 million.
PELLETISING
- Scale: increasing capacity of one pelletiser line (out of four) by three million tonnes.
- Equipment required: pelletiser kilns to remain as is, with modifications to pre-heating stages to add capacity.
- Phasing: timing to be after concentrate capacity completed.
- Total investment: US$181 million.
LOGISTICS
- Scale: capacity to transfer three million tonnes of additional products to customers.
- Equipment required: additional rail cars, upgraded port capacity.
- Phasing: gradual implementation.
- Total investment: US$28 million.

STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

VOLUME & QUALITY GROWTH

CA SE STU DY: DECARBONISATION OF MINING FLEETS

With 40% of Scope 1 (direct) emissions in 2021 relating to diesel consumption in the Group’s mining fleet, projects to address this area will have a clear impact on the overall carbon footprint. In the short term, diesel consumption rates declined by 7% in 2021 as productivity measures continue to be implemented, and the Group is working towards continuing this progress in future years.

For over ten years, Ferrexpo has operated electric excavators, taking advantage of the fact that Ferrexpo’s mines are located with good access to the Ukrainian electricity grid, a key advantage of Ferrexpo’s mines over the majority of iron ore mines operated by the Group’s peers in Australia. With this in mind, the Group continues to review the installation of trolley-assist infrastructure along the upward section of the haul ramps of its mines, as 50% of diesel consumption occurs when fully-loaded trucks ascend out of the Group’s mines, making this a clear area to target in decarbonisation efforts.

The Group is continuing discussions with suppliers of this technology, and in 2021, representatives of the Group visited a mining operation with trolley-assist equipment already in operation. It is expected that the installation of such equipment would take two to three years to implement. Aside from the benefits of decarbonisation, trolley-assist technologies also allow trucks to ascend pit ramps using 100% of each truck’s engine capacity, leading to shorter cycle times, therefore reducing the requirement for the number of trucks operating, as well as more efficient mining practices.

The longer-term solution is however to completely remove diesel consumption from the Group’s haul trucks.# STRATEGIC REPORT

This is possible through a range of technologies and the Group believes that, as of today, the best opportunity to implement diesel-free fuelling of trucks is through battery technology, which represents a technology that is rapidly developing. The Group considers itself to be a fast follower for new technologies, and is looking to implement a fleet-replacement strategy with battery technology trucks once this becomes a widespread solution in the mining industry. The Group expects this to be a gradual phasing out of diesel trucks over time, with this becoming a viable pathway in the medium to long term.

Diesel efficiency improvement (2021)

7 % Reduction in diesel consumption rate in 2021, reflecting increases in productivity and electric excavator usage.

Image: An autonomous truck undergoing trial mining activities at FYM in 2021.

STRATEGIC REPORT Ferrexpo plc Annual Report & Accounts 2021

HSEC Committee Chair’s Review

The events in the first quarter of 2022 have highlighted the importance of sustainability, particularly Ferrexpo’s community support initiatives, at this difficult time. The Group’s newly established Humanitarian Fund is designed to help address the needs of communities across the country. approved funding for the Group’s Humanitarian Fund 1. Looking back at 2021, we can report a fatality-free year, alongside the Group’s lowest recorded full-year lost time injury frequency rate (“LTIFR”) since its listing in 2007. Our safety performance in 2021 was once again materially below our five-year trailing average for LTIFR, and also continues below the same metric as recorded by Ferrexpo’s iron ore producing peers in Western Australia 2, with further details provided on page 32.

New Chair appointed

In February 2022, I assumed the role of HSEC Committee Chair, with Fiona MacAulay moving to become the Senior Independent Director. In this section, we look back at progress made in a number of sustainability topics, with further details available in our Responsible Business Reports, which are available on the Group’s website (www.ferrexpo.com).

Prioritising safety and wellbeing

Safety and wellbeing have never been more prominent in our activities than during Russia’s invasion of Ukraine in early 2022. Further details of our humanitarian efforts are provided in our community support section on page 42, with US$12.5 million of Workforce wellbeing is a key area of focus to ensure that people are well looked after during the conflict, including the free provision of psychological support and on-site childcare facilities. In external recognition of our efforts in 2021, we were pleased to be recognised as one of the top four companies in Ukraine for family-friendly policies in a country-wide survey sponsored by the United Nations Population Fund. Further details are provided on page 41.

Addressing climate change

On carbon emissions, we are continuing to deliver reductions, with a 16% reduction in combined Scope 1 and 2 carbon emissions per tonne for a second successive year, with this decrease in 2021 driven by our clean

Image: New HSEC Committee Chair Ann-Christin Andersen visiting the Group’s operations in September 2021.

POSITIONED TO LEAD ON SUSTAINABILITY

As at 21 April 2022.
Source: Government of Western Australia (link). Accessed April 2022.

DELIVERING RESULTS: SAFETY

0.41 Key safety lost time injury frequency rate remains materially below the Group’s trailing five year average (0.98).

DELIVERING RESULTS: CARBON

-16 % Combined Scope 1 and 2 emissions per tonne reduced by 16% in 2021, achieving a cumulative 30% reduction against the Group’s benchmark year (2019).

DELIVERING RESULTS: DIVERSITY

20.1 % Women in management roles across the Group increases to 20.1% in 2021 (2020: 18.2%).

STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

HSEC Committee Chair’s Review

CA SE STU DY: SUPPORTING LIFE ON AND IN THE DNIEPER RIVER

Ferrexpo and the Group’s local communities are fortunate to be situated close to one of Europe’s great rivers, the Dnieper River, which flows through Ukraine to the Black Sea and is more than two kilometres wide as it passes Ferrexpo’s operations. Whilst the Group does not operate in a region considered to be high risk for water stress (in accordance with the Water Resources Institute), the Group aims to reduce its water consumption regardless, and the Group is pleased to report a third consecutive year of materially lower water withdrawal from the local water supply network. Furthermore, the Group’s processing plant regularly recycles 98% of water used in processing operations, minimising the impact of processing on the local water system. To promote biodiversity, the Group is continuing its initiative to reintroduce native fish species to the Dnieper River, with this project winning a sustainability award at an award ceremony in Kyiv in December 2021 for helping implement the UN’s Sustainable Development Goal 14 (Life Below Water). Further details of this project are available in the Group’s Responsible Business Report. With a healthy Dnieper River, local communities are able to utilise the river for sport and leisure. The Group is proud to support the local sailing club, which had four Olympians travel to the Tokyo Olympics in the summer of 2021 (with local canoeist Liudmyla Luzan, pictured above, winning two silver medals). The Group also regularly sponsors local and national dragon boat racing competitions on the river in Horishni Plavni, which is a popular sport within Ukraine.

power purchasing strategy, which helped to reduce Scope 2 emissions by 40% in 2021 on a per tonne basis. We did, however, record an 11% increase in Scope 1 emissions per tonne, which was driven by increased mining activity as we ramp up our Wave 1 Expansion activities, and reduced sunflower husk consumption in our pelletiser as we trial the production of our latest product, direct reduction pellets. This emphasises the need for us to advance our plans to electrify our mining activities – see page 29 on this work stream – and the importance of biofuels today, which will facilitate the transition away from natural gas in the future.

Through the result presented here for 2021, we have nominally achieved a 30% reduction in carbon emissions against our baseline year, which was the medium-term target set by the Group in 2021. This 30% target is the benchmark level set in the mining industry, and by achieving this goal, we can demonstrate where Ferrexpo is relative to its peer group in reducing emissions. From here, we intend to continue to reduce our emissions, and through our ongoing work with environmental consultants Ricardo plc (“Ricardo”), we plan to establish a bespoke pathway for Ferrexpo’s net-zero ambitions. The Group’s long-term emissions reduction target remains to be carbon neutral by 2050, and we look forward to reporting further on this when our work with Ricardo concludes later this year; further details of this project are provided on page 37.

Further to our work with Ricardo, we understand the importance of external assurance of sustainability data, particularly given the prominence of these topics in stakeholder discussions. As a result, we are currently conducting an external assurance process with an independent consultant on our reporting of carbon emissions and safety data, with details of this project provided on page 34.

Promoting diversity and inclusion

Diversity, equity and inclusion (“DEI”) is an area where we have recently increased our focus. In 2021, we appointed a dedicated DEI officer to further our understanding of our own workforce, and we also conducted our inaugural DEI survey. Gender diversity is a focus of a range of training programmes at our operations, from attracting women into atypical roles, to providing management training to women identified as high potential future leaders of our business as part of our “Fe_munity” women in leadership programme. We are proud of the progress made to date, with the proportion of women in management roles advancing to 20.1% in 2021 (2020: 18.2%).

Strong links to local communities

Since the development of Horishni Plavni in the 1960s for the original construction of the iron ore mining and processing operations, there has been a close association between the mine and the town. In 2022, we are set to celebrate 15 years since Ferrexpo’s listing and we are proud of the support that we have been able to provide during this time. In March 2021, the Ferrexpo Charity Fund celebrated its tenth year, during which time the Group has directly assisted over 90 schools and other educational facilities, over 30 hospitals and related facilities, and direct aid to over 4,000 individuals requiring assistance, such as regular support packages or expensive medical operations. See pages 42 to 43 for more on our work with local communities.

Sustainable environments

At Ferrexpo, we understand the need for sustainable working practices. The Dnieper River runs close to our operations, and we have a number of projects to promote both biodiversity in the river and local community use on the river (see Case Study opposite). Furthermore, in 2021, we undertook a new phase of biodiversity mapping – looking at the species of plants, fungi and animals in our local ecosystems, and we expect to compile our first biodiversity monograph in 2022 following this project’s work. Sustainability is a broad topic however, and we regularly report our performance across more than 30 standards under the framework published by the Global Reporting Initiative, as part of our Responsible Business Reports (available at www.ferrexpo.com).

In conclusion, our efforts to mitigate the detrimental humanitarian effects of Russia’s invasion of Ukraine are ongoing and have highlighted the need for a close and effective relationship with local communities to quickly deliver relevant support where it is needed.Despite the war, we are continuing to work on our Responsible Business activities, and I would like to thank our workforce for embracing the fundamental values of sustainability to help deliver this progress. Ferrexpo has strong credentials in sustainability and we look forward to updating the market on our progress in the year ahead.

Ann-Christin Andersen
Chair, HSEC Committee

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Responsible Business

HEALTH AND SAFETY REVIEW

In recent years, the Group has seen significant progress in safety, with zero fatalities in 2021 (2020: 1) and a lost time injury frequency rate – a key benchmark of safety in the mining industry – continuing to remain below the Group’s trailing five-year average. The Group also records a range of leading and lagging indicators of safety, aiming to encourage a culture of safety that requires an employer to identify risks before safety incidents occur, monitor near miss events and analyse incidents when they have occurred, to learn and improve.

Reviewing the safety indicators for 2021 shows an improvement in the majority of lagging indicators, demonstrating that progress is being made in instilling a safety-first culture throughout the Ferrexpo business. Of particular note is the ten-fold increase in hazard reporting in 2021, which is a reflection of the recent adoption of ISO 45001:2019. A number of leading indicators are, however, down against the level set in 2020, which is an area to monitor in the year ahead to ensure that the standards being set today are maintained.

In recognition of the recent trend in road traffic incidents, the Group has commenced a process to test visitors’ driving safety awareness before being permitted to drive between areas of plant and administrative buildings (mining areas being already subject to strict controls). As part of the Group’s newly announced ‘Vision Zero’ programme to reduce operational injuries and instances of occupational disease, the Group has introduced a range of new measures such as the installation of a new aspiration system to reduce particulate emissions in the pelletiser in 2021, which will have benefits for both improving working conditions as well as the environment.

As part of the Group’s efforts to further develop its position on sustainability, an independent assurance process is being undertaken on the Group’s safety data (LTIFR and TRIFR) for 2021 by an external consultant, which is expected to be completed later in 2022. Details of this assurance process are provided in the Case Study on page 34.

A successful mining company is one that delivers value for all stakeholders in a safe and sustainable manner. Following Russia’s invasion of Ukraine in 2022, the Group’s primary focus is the safety and wellbeing of its workforce, with the following a review of safety in 2021.

SAFETY INDICATORS

Lagging indicators	2021	2020	Change
Fatalities	0	1	-100%
Lost time injuries	9	17	-47%
LTIFR	0.41	0.79	-48%
TRIFR	0.97	1.25	-22%
Near miss events	5	7	-29%
Significant incidents	12	17	-29%
Road traffic accidents	43	31	+39%
Lost work days	497	1,046	-52%
Leading indicators
HSE inspections	3,293	3,305	-0.4%
HSE meetings	1,165	1,528	-24%
HSE inductions	11,602	7,335	+58%
Training hours	11,786	14,755	-20%
Hazard reports	595	51	+1,067%
Management high visibility tours	124	131	-5%

Group-level indicators.
Ferrexpo’s operations in Ukraine only.

Image: Training the next generation of operators through Ferrexpo’s Dual Education programme, which has trained 61 students since 2019.

STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

CA SE STU DY: INTERVIEW WITH NATALIA STOROZH, HEAD OF SAFETY AT FPM

Q: Health and safety is clearly an important department at Ferrexpo; how many people work in the safety department?
A: In total we have 72 people working in the safety department at Ferrexpo’s operations in Ukraine, the equivalent of approximately 1 for every 100 employees across our operations.

Q: Since starting the role of Head of Safety at FPM in March 2021, what were the main safety projects implemented in 2021?
A: Safety projects often go hand in hand with modernisation of equipment, which comes with additional benefits such as improved productivity. Good examples of projects implemented include the installation of a stationary jib at the primary crusher, removing the need for operators to enter the crusher hoppers to break oversized ore, and the installation of a fully automated lathe in our workshops, both of which are projects that help to remove operators from hazardous areas. Safety projects range from improving signage – such as clearer demarcation of container storage areas – to the installation of six speed bumps on the main road entering our production facilities.

Q: Were there any particular departments that required a specific approach for establishing safety protocols?
A: Every area of our operations has a tailored approach to safety. A good example would be our maintenance workshops of the processing plant, where work is carried out at height and where a large number of contractors are involved. Here, we have a strong focus on risk assessments and safety training, given the higher concentration of contractors, to familiarise those working in maintenance with the identified risks.

Q: How often does the Safety Committee meet at site?
A: At FPM, Ferrexpo’s main operating entity, we have a committee for labour protection, industrial safety and the environment, as well as a council board for labour protection, industrial safety and the environment of the plant. Meetings are held to help draw up measures aimed at improving working conditions, organising the safe performance of work, to eliminate inconsistencies and manage hazards and risks. During 2021, FPM’s Safety Committee met four times at site.

Q: Which safety projects are planned for the coming year?
A: We have a number of projects that we are continuing to roll out from previous years, such as the tag-out lock-out system for isolating machinery during maintenance, as well as safety training programmes specifically for those working at height. In 2021, we obtained certification for our occupational health and safety management system under ISO 45001:2019 and we continue to update practices and introduce standards as part of this project. New projects for 2022 include the installation of additional traffic calming measures and the installation of a training simulator to help train operatives for working at height. Ultimately we are aiming to develop our own safety standard across the Group for operatives working at height. To help further deliver safety improvements in the year ahead, we have developed the concept of “Vision Zero” to eliminate workplace injuries and occupational diseases, with efforts under way to raise awareness of this programme, such as the installation of 12 large billboards around our operational areas, as well as notices on internal communications channels.

Lost time injury frequency rate (2021)
0.41
Record-low full-year lost time injury frequency rate recorded since the Group’s IPO in 2007 (2020: 0.79).

Image: Natalia Storozh, Head of Safety at Ferrexpo’s main operating entity, FPM.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

CA SE STU DY: EXTERNAL ASSURANCE – PROVIDING TRUST IN SUSTAINABILITY PROGRESS

Ferrexpo recognises that a company’s reporting around climate change is an important pillar on which stakeholders base their trust in a company. In order to build trust in Ferrexpo’s performance on climate change reporting, the Group is in the process of undertaking an external assurance process (ISAE 3000) with an independent consultant, with the first year of this project looking at both reporting of data for carbon emissions and safety.

In terms of carbon reporting, the process will provide external assurance on the Group’s Scope 1 (direct) and Scope 2 (indirect) emissions, as these are directly associated with the Group’s pellet production facilities. Over time, the Group intends to provide assurance on a broader range of topics within sustainability.

The assurance process to date for the Group’s carbon footprint has highlighted a number of minor amendments to the Group’s calculation of its carbon footprint, amounting to an overall decrease in the Group’s carbon footprint of 1% in absolute terms for 2020 and a 2% reduction on a unit basis for 2020. The full list of amendments raised through this process will be provided on the Group’s website once this assurance process is completed, including the following amendments for the Group’s 2020 data:

Removal of steam from Scope 2 calculation, as this is generated from purchased natural gas and therefore previously double counted. (Net impact on 2020 data: -24kt CO 2 e.)
Increase carbon factor for nuclear power purchases from 5g to 12g per kilowatt-hour, aligning with World Nuclear Association 1 data. (Net impact on 2020 data: +2kt CO 2 e.)
Correction of factor for sunflower husks from 0.73kg/t to 0.073kg/t, bringing into line with other biofuels. (Net impact on 2021 data: -113kt CO 2 e.)
Inclusion of the Group’s commercial concentrate sales of 183kt in calculating per tonne emissions.

Responsible Business continued

www.world-nuclear.org/information-library/energy-and-the-environment/carbon-dioxide-emissions-from-electricity.aspx

EXTERNAL ASSURANCE

Image: Sample testing at Ferrexpo’s laboratory, to confirm the geological model ahead of ore mining activities.

STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

The Group’s interaction with the environment is encapsulated not just through carbon emissions, but also through other forms of emissions, energy use, water withdrawal and recycling, waste generation and biodiversity.# ENVIRONMENTAL REVIEW

These topics are covered in detail in the Group’s Responsible Business Reports, which are published annually and available on the Group’s website (www.ferrexpo.com).

Delivering progress on carbon

In 2021, the Group not only announced decarbonisation targets to frame its net-zero ambitions, but also engaged with environmental consultants Ricardo plc (“Ricardo”) to further develop the Group’s understanding and reporting around climate change. Further details of the Group’s engagement with Ricardo are provided in the Case Study on page 37. The Group continues to make progress in cutting its carbon footprint, delivering a 16% reduction in its Scope 1 and Scope 2 carbon emissions (CO₂e) per tonne in 2021. Details of this progress, as well as the Group’s reporting under the TCFD, are provided on page 38.

Cutting water consumption

The Group typically interacts with water in two areas of its operations: (1) in mining, water ingress into the Group’s open pits (groundwater and precipitation) is pumped out of mining areas and back into the natural environment (“dewatering”), and (2) in processing, water that is used to facilitate the processing of iron ore. Dewatering represented 95% of the Group’s total water withdrawal in 2021, and the Group’s activities in mining areas do not predominantly utilise this water (aside from dust suppression activities, which utilises the equivalent of 4% of dewatering volumes). Ferrexpo, however, maintains regular inspections of the quality of this water, monitoring 13 chemical elements at each operation and other attributes, to maintain standards, to ensure compliance with local laws and to ensure a minimal impact on the environment that this water is returned to. With water that is used in processing, the Group’s processing plant and tailings facility acts as a closed loop, with water used to pump waste material to the tailings facility reclaimed and pumped back to the processing plant, resulting in 98% of process water being recycled by the Group’s processing plant. The remaining 2% of water is lost through processes such as evaporation when green pellets are heated in the pelletiser or surface evaporation at the tailings facility.

Supporting local biodiversity

A key natural habitat located close to the Group’s operations in Ukraine is the Dnieper River, one of Europe’s largest rivers. As a consequence of domestic detergent use and fertiliser use in agriculture¹, this river faces frequent blooms of blue-green algae in the summer months, which are harmful to the river’s ecosystem, as well as limiting local communities from using the river for recreation. Through an initiative launched in 2020, which was proposed internally by an employee, the Group is aiming to improve local conditions in the Dnieper River through the introduction of native species of fish that live off these algae and will help to balance the river’s natural ecosystem. The Group is working with the Poltava Fish Conservation Patrol on this multi-year project, with the second phase of this project introducing two tonnes of local species (carp) into the river in November 2021.

Responsible waste management

The Group primarily produces waste through overburden removal in mining operations, and waste separated from iron ores during processing. In 2021, the Group’s three mines stripped a combined 118 million tonnes of waste rock and sand (2020: 95 million tonnes), with this material stored locally in waste facilities designed by the Group’s mining engineers and reviewed by local authorities. Waste mining activities increased in 2021, ahead of the Group’s Wave 1 Expansion, with details of this project provided on page 28. Waste material from processing, referred to as tailings, increased by 6% to approximately 16 million tonnes, with approximately 40% of this waste subsequently recycled by the Group as other materials such as gravel for road construction.

Image: Ferrexpo supports biodiversity to help local communities to enjoy the river, with events such as dragon boat racing competitions.

36 STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Responsible Business continued

CLIMATE CHANGE

Scope 1 and Scope 2 emissions

The Group’s Scope 1 (direct) and Scope 2 (indirect) emissions relate to the Group’s controlled activities to produce and transport products to customers, and are shown in the table below.

The Group has made significant progress in its efforts relating to climate change in 2021, with a combined 16% reduction in Scope 1 and 2 carbon emissions¹ in 2021. The Group has therefore reduced its emissions by 30%¹ in the space of two years, and whilst this meets the Group’s medium-term target of reducing emissions by 30% by 2030¹, Ferrexpo understands that progress in sustainability is only achieved through improvements that are maintained over a period of time. The Group therefore commits to continuing to sustain this level of reduction, and will look to publish more on its decarbonisation pathway once its work with Ricardo is completed – with this project designed to outline a bespoke, emissions reduction journey for the Group. See Case Study opposite for more information on this work stream.

The reduction in carbon emissions in 2021¹ has primarily been achieved through the Group’s targeted power purchasing programme, driving the improvement in Scope 2 emissions, which has delivered a 40% reduction in this category¹. Conversely, with increased mining volumes and reduced biofuel consumption in 2021, Scope 1 emissions per tonne rose by 11%¹. The Group intends to continue to improve efficiencies in the consumption of diesel and natural gas, as well as increase biofuel consumption, along with the various decarbonisation projects outlined in the Case Study on page 29.

The Group calculates its carbon footprint via the application of carbon factors supplied by the Greenhouse Gas Protocol (https://ghgprotocol.org/), in line with guidance provided by the Global Reporting Initiative, which is the framework that the Group uses to publish its annual Responsible Business Reports. The carbon factors supplied by this initiative are combined with consumption data for the Group’s activities at its mining, processing and logistics subsidiaries, including the Group’s consumption of diesel, natural gas, gasoil and electricity, which collectively accounted for 98% of the Group’s Scope 1 and 2 emissions in 2021 (2020: 98%). Using the factors provided by the Greenhouse Gas Protocol, the Group is able to incorporate a range of greenhouse gases into its calculation to generate a carbon-equivalent figure. Gases included in this calculation are as follows: carbon dioxide, methane and nitrous oxide.

	2021	2020	Change
Emissions (CO₂e, kilotonnes)
– Scope 1	649	580	+12%
– Scope 2	404	675	-40%
– Combined	1,053	1,255	-16%
Footprint (CO₂e kg/t)
– Scope 1	57	51	+11%
– Scope 2	35	59	-40%
– Combined	92	110	-16%
Biofuels (tonnes CO₂)	10	13	-24%
Energy consumption (kWh)	5,489,232,550	5,142,974,253	+7%

¹ Scope 1 and 2 emissions on a per tonne basis, carbon dioxide equivalent basis.
² Adjusted versus 2020 Annual Report as a result of the review by Ricardo, see page 37 for more details.
³ Adjusted versus 2020 Annual Report as a result of the ongoing external assurance process, see page 34 for more details.

Scope 3 emissions

The Group’s Scope 3 (value chain) emissions relate to the upstream and downstream emissions related to the Group’s activities, and over 90% of which are related to the conversion of iron ore to steel. The Group’s understanding of its Scope 3 emissions continues to develop through the Group’s ongoing engagement with Ricardo. Furthermore, following the Group’s increased focus on direct reduction pellets, the Group has engaged independent consultants CRU to provide an emissions factor specific to this pellet type, with this work summarised in the Case Study on page 10. As a result of this work, the Group can disclose that its Scope 3 emissions footprint was 1.28tCO₂/t in 2021 (2020²: 1.29tCO₂/t), with this 1% reduction² related to the Group’s increasing production of direct reduction pellets.

Cutting carbon: targets

The Group understands the importance of climate change, and for stakeholders to understand a company’s long-term ambitions in respect of climate change. In recognition of this, the Group announced its inaugural carbon reduction targets for Scope 1 and Scope 2 emissions in October 2021, primarily designed to show a clear ambition of achieving net zero carbon emissions by 2050 and to align the Group with its peer group in terms of the trajectory to achieve this net zero goal, through a 30% reduction in carbon emissions by 2030 on a per tonne basis. Through announcing inaugural targets, the Group is aligned with its peer group, but the Group also understands the importance of setting goals that are specific to a company’s operations; for more on this work stream, please see the Case Study on Ricardo opposite.

The capital investment required to decarbonise the Group’s activities is a key aspect of the Group’s ongoing collaboration with Ricardo, and the results of this work stream are expected to be published later in 2022. The Group is also developing its understanding of Scope 3 emissions and as outlined in the Case Study on page 10, the Group can reduce its Scope 3 emissions through the gradual increase in output of its higher grade direct reduction pellets. Since direct reduction pellets are processed by steelmakers using a combination of natural gas and electricity to produce steel, these pellets have a 49% lower carbon footprint than the Group’s blast furnace pellets.

¹ Source: NASA (link).
² Adjusted versus 2020 Annual Report as a result of the review by Ricardo, see page 37 for more details.
³ Adjusted versus 2020 Annual Report as a result of the ongoing external assurance process, see page 34 for more details.# STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

The Group intends to develop its forward thinking around reducing Scope 3 emissions as the Group’s understanding of producing this pellet type increases over time. Improving energy efficiency The Group understands the importance of reducing its energy consumption over time, and is implementing a series of energy efficiency projects across its operations. The Group’s energy consumption mirrors the Group’s carbon emissions, with natural gas, electricity and diesel the key drivers for energy consumption. As a result of a 21% increase in mining activities and a 5% increase in ore tonnes processed, total energy consumption increased by 7% in 2021, as shown in the table opposite.

CA SE STU DY: RICARDO: A NEW PHASE OF CLIMATE CHANGE REPORTING FOR FERREXPO

In October 2021, alongside inaugural decarbonisation targets, Ferrexpo announced its collaboration with Ricardo plc (“Ricardo”) to produce the next phase of climate change reporting for the Group. Through working with Ricardo, Ferrexpo aims to further develop its forward-looking understanding around climate change, to develop a bespoke understanding of the Group’s pathway to net-zero emissions and a clear picture on the role of iron ore pellets in the decarbonisation of the global steel industry. This project is specifically looking at the modules shown opposite.

Module 1: Government legislation – risks and opportunities. Looking primarily at the jurisdictions into which Ferrexpo sells its pellets, this module focuses on the changing regulatory framework. Through this work stream the Group intends to gain a better understanding of the likely decarbonisation pathways ahead in each of the jurisdictions into which the Group sells its products.
Module 2: TCFD reporting. The group has disclosed under TCFD since 2019 and with the help of Ricardo the Group will present more detailed climate change scenario analysis. This will provide more in-depth insight to understand the risks and opportunities for the group and inform future strategy.
Module 3: Pathway to net-zero carbon emissions. The Group has established a net-zero ambition with its inaugural targets announced in October 2021, and with the help of Ricardo, the Group hopes to advance this process and identify a bespoke pathway for the Group’s emissions.
Module 4: Life cycle analysis. Looking at Ferrexpo’s role in the circular economy, this module aims to outline how pellets have a lower environmental impact beyond Ferrexpo’s own operations than other forms of iron ore. For example, Ferrexpo’s higher grade iron ore pellets are typically used to make higher grade forms of steel, which in turn are more likely to be recycled, lowering the environmental footprint of this type of steel.

Through a clear understanding of Ferrexpo’s future pathway, the Group expects to be able to present a further level of detail on climate change than has been previously published by the Group. It is expected that the Group will be in a position to present the results of its collaboration with Ricardo in its next Responsible Business Report, to be published later in 2022.

Image: Since 2015 Ferrexpo has taken advantage of Ukraine’s sizeable sunflower oil industry to use sunflower husks as a biofuel in the Group’s pelletiser.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

The Group is proud to support the Task Force on Climate-Related Financial Disclosures (“TCFD”), which is designed to help companies provide clear reporting for stakeholders on climate change.

Responsible Business continued

TCFD REPORTING

Topics reported by the Group in accordance with TCFD are provided in the table opposite. Ferrexpo understands that climate change presents the Group with a range of risks and opportunities, and these are presented in detail in the Group’s Responsible Business Report for 2020 (pages 48 to 52). In addition, Principal Risks relating to climate change are outlined on page 71 of this report. In respect of climate change scenario planning, the Group is working with Ricardo to conduct a detailed modelling exercise of a range of climate change scenarios – further details of this work stream are provided in the Case Study on page 37.

Ahead of the conclusion of this process with Ricardo, the Group has completed a qualitative review of two potential climate scenarios, which are as follows:

2 o C scenario (Paris Agreement), with an associated increase in government regulation compared to today. Under this scenario, the Group expects carbon pricing in Ukraine to increase to align with pricing envisaged under the Paris Agreement (US$50-100/t). Based on the Group’s Scope 1 and 2 emissions, this would equate to an additional C1 cash cost of production A of between US$5 and US$9 per tonne directly relating to carbon costs. In addition, the Group expects that the cost of electricity in Ukraine will increase during the transition to renewables.
+3 o C scenario, whereby a lack of legislative action results in increased physical effects of climate change, such as increased water stress, as forecast by US Aid’s projections for Eastern Europe, which envisages prolonged periods of drought. The Group uses water throughout its operations, in the form of dust suppression in mining operations and in the wet processing of ores to separate contained iron from waste material. Any restriction on water use would potentially require additional capital investment to adjust existing mining practices and reconfigure the Group’s ore processing flow sheet.

The Group is currently conducting a process with environmental consultants Ricardo that is reviewing three different climate change scenarios and the Group will publish the results of this climate change modelling following the conclusion of this process later in 2022.

Climate change risks

In respect of climate change, the Group considers this to be a Principal Risk, and details of this are provided on page 71 of this report. The Group also considers that climate change poses opportunities to the Group as well as risks, since the Group produces a form of iron ore that is known to reduce emissions for steelmakers when used instead of more commonly traded forms of iron ore. A full breakdown of the Group’s approach to climate change risks and opportunities is presented on pages 48 to 52 of the Group’s Responsible Business Report for 2020, which is available on the Group’s website (www.ferrexpo.com). Climate change represents both a material risk and opportunity to the Group in how it is shaping the global steel industry, as described in the Market Review section (Green Steel) on page 15.

In response to this global trend towards lower emissions steelmaking, the Group has commenced production of higher grade (67% Fe) direct reduction iron ore pellets, which are used in lower carbon forms of steelmaking – see the Case Study on page 10 of this report for more information. The transition to producing direct reduction pellets will be led by market factors as the Group’s customers pivot to production processes that will require the use of this pellet type. In order to produce greater volumes of direct reduction pellets, the Group is investing in its operations to increase capacity and operational flexibility, as described in the Growth Plans section of this report (page 28).

The Group is investing in reducing its greenhouse gas emissions throughout its business. The Group is undertaking a range of projects to decarbonise its mining operations, with diesel consumption from mining representing 40% of the Group’s Scope 1 emissions in 2021 (2020: 40%), and an overview of these projects is provided on page 29 of this report.

The Group has been utilising biofuels (sunflower husks) as a partial substitute for natural gas consumption in its pelletiser since 2015, with this activity having the benefit of reducing the Group’s Scope 1 emissions as well as reducing the Group’s exposure to the availability and pricing of natural gas. In 2021, the Group substituted 18% of the pelletiser’s energy requirements with sunflower husks (2020: 25%), with this level of consumption expected to increase in future years as the Group’s understanding of producing direct reduction pellets increases.

In 2020, the Group commenced a clean power purchasing programme, aimed at utilising new legislation in Ukraine that enabled the purchase of electricity from selected producers. As a result of this programme, the Group reduced its Scope 2 emissions footprint on a per tonne basis by 40% in 2021 (see page 36 for more details).

Compliance Statement (FCA’s Listing Rule 9.8.6(8)R)

In line with the current UK listing Rules requirements, we have included climate related financial disclosures consistent with the four TCFD pillars and 11 recommended disclosures. The table opposite provides a summary of the Group’s climate-related financial disclosures, with these disclosures intended to be in accordance with the recommendations by the TCFD. The location of further information regarding the Group’s climate change disclosures is presented in the table opposite as well as in the Group’s Responsible Business Reports, which are available at the Group’s website (www.ferrexpo.com). Throughout the year, Ferrexpo has made a number of steps to progress its reporting of climate change topics in order to fully comply with TCFD recommended disclosures. Where full compliance is yet possible, disclosure is included as to the various work streams that are underway to facilitate full compliance.# STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

Summary disclosure against TCFD recommendations

Strategy

Climate-related risks and opportunities over the short, medium and long term

Climate change is considered to be a Principal Risk to the Group, and this risk is detailed on page 71 of this report, alongside risk mitigation actions. The risks and opportunities relating to climate change and their effect on the Group’s operations are outlined in detail in the Group’s Responsible Business Report, which is available on the Group’s website. These include transition risks and physical risks associated with the transition to a lower carbon economy. The time horizon for these risks and opportunities to emerge are also described being short-term (less than 2 years), medium-term or long-term (greater than 10 years). The Group’s Risk Management Process is outlined on page 54 of this report.

Impact on the Ferrexpo business, strategy and financial planning

The Group has incorporated climate change into its strategic planning and is currently pivoting its production base towards direct reduction pellets as a consequence of this process, as discussed on page 10 (Case Study: The Importance of Iron Ore Pellets) and page 15 (Market Review, Future Trends: Green Steel). The Group has incorporated climate change into its financial modelling through the establishment of an internal cost of carbon, which has been used when evaluating capital investment projects during the year. Please see the Corporate Governance Report (page 88) and Principal Risks Section (pages 56 to 72) for more information on the Group’s approach to evaluating the impact of climate change on its business.

Resilience based on climate change scenarios

The Group is conducting a detailed climate change modelling exercise with environmental consultants Ricardo, which is a process that is expected to complete later in 2022. The Group has conducted scenario analysis as presented in this report based on two climate change scenarios – see page 38 for more details.

Governance

The Board’s role in oversight of climate-related risks and opportunities

The Board of Directors has ultimate oversight of the Group’s strategy, including its approach to the effect of climate change on the Group’s business model. Climate change was a standing agenda item at all five scheduled Board meetings throughout the year. Further details of the Board’s consideration of climate change and its oversight of the Group’s goals and targets for addressing climate change are on page 88. The HSEC Committee has been delegated management of climate change risk, which includes three members of the executive management team, and reports the Group’s progress on climate change related matters to the Board of Directors. Independent Non-executive Director Ann-Christin Andersen is Chair of the HSEC Committee, which met four times during the year and climate change has been a standing agenda item at all scheduled HSEC Committee meetings throughout the year.

Management’s role in assessing risks and opportunities

The Board is accountable for the long-term stewardship of the group. The Board has delegated oversight of climate change related activities to the HSEC Committee. The Group’s executive management team monitors and assesses climate-related risks through its risk monitoring activities as part of the Group’s Finance, Risk Management and Compliance Committee, which typically meets ten times a year. Risks relating to climate change are determined in the same way as other principal and emerging risks, and the relative significance of climate risks is assessed based on monetary impact, probability, maximum foreseeable loss, trend and mitigating actions. A summary of the Group’s approach to risk identification and risk mitigation activities is provided on pages 54 to 55 of this report.

Risk management

Processes for identifying, assessing and managing climate-related risks

The Group regularly assesses risks applicable to the Group through its Finance, Risk Management and Compliance Committee, which assesses risks based on the probability of occurrence and severity of impact should an event occur. An overview of the Principal Risks facing the Group, and the risk mitigation measures that the Group has put in place in relation to these, is provided on pages 56 to 72, with climate change identified as a Principal Risk and detailed on page 71 of this report. Within the topic of climate change, the Group’s management has identified specific risks and opportunities relating to climate change, ranging from policy and legal topics, physical effects, emerging technologies, market factors and reputational differentiators.

How Ferrexpo integrates these risks into the Group’s overall risk management

Ferrexpo’s governance relating to climate change risks has been designed to ensure that the management of the financial risks from climate change are integrated across the whole governance system and embedded into the existing risk management framework. The Group’s approach to assessing and managing risk, including climate-related risks, is described on page 54.

Metrics and targets

Metrics used to assess climate-related risks and opportunities

Ferrexpo’s approach to managing its performance with respect to climate change is to fully integrate climate change into the Group’s overarching strategy to grow production of direct reduction pellets, which have a lower Scope 3 footprint for the Group, as well as decarbonise the key elements of the Group’s production process, with consumption of diesel, electricity and natural gas collectively accounting for 90% of the Group’s Scope 1 and 2 emissions. Details of projects to reduce consumption of each of these consumables are provided on pages 29 and 38.

Greenhouse gas emissions

Details of the Group’s Scope 1, 2 and 3 emissions are provided on page 36 of this report.

Targets

Details of the Group’s targets for reducing Scope 1 and 2 emissions are provided on page 36 of this report. Approximately 90% of the Group’s Scope 3 emissions relate to the conversion of the Group’s products to steel, with the emissions from this process primarily governed by the type of iron ore pellet that the Group produced – see the Case Study on page 10 for more information. The Group will be in a position to establish Scope 3 emissions targets once its technical understanding of producing direct reduction pellets has been further established.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Through the Group’s employee engagement initiatives, and through providing training and development, the Group aims to foster a positive and inclusive culture within its organisation.

Training and development

With an employee workforce of over 5,000 men and over 2,000 women, the Group is a substantial employer in central Ukraine, with the Group accounting for 4% of Ukraine’s export revenues in 2021 (2020: 3%). The Group has a long-held belief that it can only deliver strong financial results through a close relationship with its workforce, which can only be fostered through a strong programme for workforce development. During the year, the Group held 6,442 training courses for employees (2020: 6,863), with a further 931 training courses provided to contractors (2020: 490). The focus of this training remains primarily safety and skills training, with 99% of Ferrexpo’s employees having an annual training and development review in 2021 (2020: 86%).

Employee wellbeing

Over the course of the past year the Group has increased its focus on the health and wellbeing of its workforce with the continuation of the global Covid-19 pandemic in 2021. Ferrexpo understands that as a responsible employer, the Group’s interaction with its workforce goes beyond basic safety, and through this approach, the Group intends to foster a constructive and positive working environment. A positive culture is achieved through projects such as the Employee Wellbeing Programme, which provides training on soft skills such as courses to help people identify the signs of burnout as well as training in financial literacy, to provide people with the tools required for managing the stresses of modern life, which have been magnified by the global pandemic. As an example of the work carried out in this area, the Group has recently worked to instil a culture at its operations of not contacting colleagues for work reasons after hours or at weekends, to establish a strong work-life balance for the Group’s workforce in Ukraine.

Diversity, equity and inclusion

The development of the initiatives outlined here has been the product of the Group appointing a Diversity, Equity and Inclusion (“DEI”) Officer in 2021, and the Group’s inaugural DEI survey, gathering responses from over 600 employees to help establish a 360-degree DEI strategy and promote equal opportunities for all employees going forward.

Responsible Business continued

WORKFORCE DEVELOPMENT AND INCLUSION

Ferrexpo’s workforce comprises over 10,000 employees and contractors, making it one of the largest employers in the region. A new programme to promote inclusivity amongst different age groups was launched in May 2021 with the Group’s “STEM Streamers” programme, which attracted 90 local students aged 14-18 from local schools. Children were invited to participate in a one-day workshop event consisting of interactive talks and activities to promote inclusivity, gender equality, and tackling stereotypes within society. Other events in the same month included Ferrexpo representatives participating in a panel discussion on diversity and inclusion at the People Management Conference, held in Kyiv in May 2021, as well as events held at schools in Ferrexpo’s local communities.# STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

It is a legal requirement in Ukraine for companies of Ferrexpo’s size to ensure that 4% of their workforces in Ukraine are registered as disabled, with this regulation deliberately designed to aid those with disabilities. Ferrexpo is proud to adhere to this legislation, with 4.4% of employees in Ukraine having a registered disability in 2021 (2020: 4.3%).

Local recruitment for sustainable communities

Ferrexpo benefits from having a location close to well-established communities, with strong educational facilities for providing high calibre individuals to work at its operations. In 2021, the Group was able to source 96% of new recruits from local communities (2020: 85%). In management roles, the same trend is also evident, with 84% of newly recruited managers coming from local communities (2020: 60%). The Group regularly recruits apprentices and provides bursaries to students to plan for the future, with a total of 98 sponsored learners in 2021 (2020: 135). Through the “Dual Education” programme, the Group offers opportunities to students wishing to learn practical, on-the-job skills, whilst continuing their educational studies. This programme alone has helped 62 local students begin their careers with Ferrexpo since 2019.

Image: Ferrexpo strives to promote female participation in atypical roles. Pictured here is welder Oksana Kisilyova, who works at Ferrexpo Poltava Mining.

CA SE STU DY: PROMOTING DIVERSITY THROUGH LEADERSHIP

Given Ferrexpo’s heritage and location in Ukraine, the Group is able to call upon a highly skilled female population for roles throughout its business. As of 31 December 2021, three of the Group’s eight directors were female (37%), and the Group’s Executive Committee (“Exco”) consists of five males. Of the 43 individuals reporting to the Exco, the number of females in this group rose to nine in 2021 (representing 20.9%) from seven in 2020 (representing 17.9%).

Workforce diversity

Metric	2021	2020
Gender diversity in employee workforce	29.2%	29.2%

Diversity in management roles

Metric	2021	2020
Women in management roles	20.1%	18.2%

“Fe_munity” women in leadership programme

Started in 2020, the “Fe_munity” programme is a series of training modules for high performing female employees within Ferrexpo to receive training on a range of topics, from business topics such as leadership and negotiation, to soft skills for developing business networks. The goal of this programme is to help identify and fast track the careers of high potential individuals, to help improve gender diversity throughout the management structure of the Ferrexpo business. Launched in 2020 with an intake of 72 women, the Group welcomed its second intake of 86 participants in 2021, with Non-executive Directors Ann-Christin Andersen and Fiona MacAulay hosting the opening session in Horishni Plavni in September 2021. The Group is already seeing the benefits of this programme, with women in management roles across the Ferrexpo Group increasing by 11% in 2021, rising to represent 20.1% of the Group’s total management roles (2020: 18.2%), which underscores the role of dedicated diversity projects such as Fe_munity.

External recognition in 2021

Further to the gains being witnessed internally within Ferrexpo’s workforce, the Group has received external recognition for its efforts in promoting diversity and inclusion within its workforce. In November 2021, the Group won the award for Diversity and Inclusion at the HR Pro Awards in Kyiv (see picture above), which is an award ceremony that promotes the achievements of the companies that are contributing to raising the level of professional practices in Ukraine. In the diversity category, Ferrexpo received recognition of its diversity efforts from a panel of 30 leading representatives of the human resources community in Ukraine from across 15 industries. In addition, the Group was recognised in 2021 by a study initiated by the United Nations Population Fund, which surveyed 50 companies across 16 sectors within Ukraine. Reviewing family-friendly policies, such as the Group’s approach to offering parental benefits equally between men and women, this study placed Ferrexpo in the top four for family-friendly companies in Ukraine.

Image: Ferrexpo representatives collect the award for Diversity and Inclusion at the HR Pro Awards in Kyiv (November 2021).

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Responsible Business continued

COMMUNITY SUPPORT AND ENGAGEMENT

Russia-Ukraine war (2022)

Following Russia’s invasion of Ukraine in February 2022, the Group has moved to support both its local communities and communities across Ukraine, through a dedicated Humanitarian Fund with an approved US$12.5 million of funding. Through this fund, the Group is able to coordinate its response to the humanitarian needs of Ukraine both quickly and effectively. Numerous projects have been approved through this fund, with details available on the Group’s website (www. ferrexpo.com/responsibility/humanitarian- projects) and recent press releases.

Community support in 2021

In March 2021, the Ferrexpo Charity Fund, through which the Group conducts its engagement activities in its local communities surrounding its operations, celebrated its tenth anniversary. The Group aims to support local schools, hospitals, cultural centres and other public institutions, as well as providing direct support to individuals in the form of care packages for the vulnerable and funding for medical procedures that are not available in local facilities. The Group also sees sports and recreation as a key aspect of both its community engagement activities as well as employee wellbeing initiatives. As a result, the Group has a strong focus on supporting local teams and local sports facilities, helping to facilitate local sporting events and sponsoring local sports men and women to compete at national and international competitions – see the Case Study opposite for more information on this area of engagement. The Group is proud of the five local athletes that participated in the Tokyo Olympics in the summer of 2021 – quite an achievement for a city of only 50,000 people!

Funding of community projects increased by 63% to UAH153 million in 2021 (equivalent of US$6 million), reflecting the strong operating performance of the Group, and therefore the Group’s ability to reach a broader range of local stakeholders. In addition, the Group financed UAH24 million (equivalent to approximately US$1 million) of expenditures through the Group’s Covid-19 Response Fund, which primarily focused on meeting the needs of local hospitals with equipment for the treatment of conditions that are more prevalent as a consequence of Covid-19 infections, such as respirators and x-ray equipment for diagnosing respiratory conditions, as well as continuing the supply of personal protective equipment for hospital workers.

As part of its community engagement strategy, Ferrexpo aims to support Ukrainian cultural events, to preserve Ukrainian culture in local communities as well as to promote Ukrainian culture overseas. Locally, the Group continues to assist the Palace of Culture in Horishni Plavni, which is a significant resource in recording local history and culture in Ferrexpo’s local communities. The Group also sponsored the exhibition of art by local artist Ivan Dryapachenko, along with the installation of a statue in commemoration of the artist in his home village of Vasylivka. In September 2021, Ferrexpo had the honour of being able to sponsor the Ukrainian Ballet Gala in its performance of “Innovation” at the Sadleres Wells Theatre, London, which was an event attended by over 1,400 people, including the Ukrainian Ambassador to the UK and guests invited through the Ukrainian Embassy in London. Ferrexpo also sponsored the Ukrainian Investment Roadshow in London in December 2021, an event aimed at highlighting Ukraine’s investment potential. In December 2021, Ferrexpo celebrated the 50 th anniversary of the twinning of the Japanese city of Kyoto and Kyiv with a tree-planting ceremony in Kyoto.

Additional local community support projects completed in 2021 included the purchase of a car for the family doctor covering local communities in the Pryshyb region, the supply of medical equipment to the outpatient clinic in Pyrogy village, sponsorship of local football team “Geologiya” and refurbishment work of community and cultural centres in Nova Galeschyna. To understand more about Ferrexpo’s community support work, please see the Group’s website (www.ferrexpo.com/ what-we-do/projects-map/).

Russia’s invasion of Ukraine in 2022 has emphasised the importance of working with local communities, to help communities during this humanitarian crisis.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

CA SE STU DY: PROMOTING SPORT FOR THE HEALTH AND WELLBEING OF LOCAL COMMUNITIES

The Group continued to support a number of sporting activities in 2021, to promote healthy and balanced lifestyles amongst local community members, with well- documented benefits to both individuals and communities alike. Ferrexpo has long supported the local football club “Girnyk-Sport” in the city of Horishni Plavni, and, in 2021, the Group was pleased to help the club in establishing its first women’s teams within its structure, in accordance with recent efforts made on a national level to promote women’s sports in Ukraine, and the club is now recruiting female players born between 2011 and 2017 for these newly established teams. Furthermore, Girnyk-Sport has already established mixed-gender teams that compete in local and national competitions.The Group is also proud to sponsor the local football team “Geologiya Sport Club”, who were successful in winning a number of regional and national competitions in Ukraine – including the Dnipro Cup, Odessa Open Cup and Energy Cup championships. Away from football, the Group promotes a range of activities in local communities, including the Group’s support for the local rowing club, which hosts a number of local athletes that have represented Ukraine at Olympic, World and European championships. The Group is also proud to help Horishni Plavni host local and national dragon boat competitions on the River Dnieper, which is a popular sport in Ukraine. The Group has long held a close association with the local summer camp “Horyzont”, pictured opposite, which hosts local schoolchildren during the summer months and aims to promote healthy lifestyles. The Group provided UAH1 million (approximately US$35,000) of funding for this project in 2021 and this represents a relationship that has existed for over ten years. Ferrexpo also helps support the local chess club in the local community of Horishni Plavni, which was recently renovated with assistance from Ferrexpo. Image: Children at the local youth Camp ‘Horyzont’, which Ferrexpo has supported for more than ten years.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Board structure and appointments

The Board understands the need for a balanced and effective Board and senior leadership team, in order to operate a successful business model. As the Group develops as a business, and aligns itself towards a new phase of growth, changes have been made within the Board and senior leadership team to reflect this changing environment. As of early 2022, the Group appointed Jim North as CEO on a permanent basis, reflecting Mr North’s successful period as Interim CEO, with Mr North already appointed as an Executive Director. In February 2022, Fiona MacAulay was appointed as Senior Independent Director, meeting a target outlined by the FCA’s recent consultation on Board Diversity and Inclusion. In March 2021, a further Independent Non-executive Director – Ann-Christin Andersen – was added to the Board. In December 2021, Natalie Polischuk was appointed as an Independent Non-executive Director, who is an economist based in Kyiv, Ukraine. The above appointments have served to increase the number of Independent Non-executive Directors to five out of eight Board positions. Further details of the steps made to enhance corporate governance procedures in 2021 can be found in the Corporate Governance Report on pages 76 to 93.

Hampton-Alexander Review

The Hampton-Alexander Review is an independent review that was established to ensure that talented women at the top of business are recognised, promoted and rewarded, with a particular focus on female representation on FTSE Boards and women in senior leadership roles. As a result of this work, the Hampton-Alexander Review recommends that companies listed within the FTSE 350 have at least 33% female representation at the Board level, as well as Responsible Business continued

CORPORATE GOVERNANCE

33% representation at the senior leadership level and those reporting directly into senior leaders. As a result of the appointments of Ms Andersen and Ms Polischuk in 2021, the Group now has 38% female representation on its Board, meeting this requirement. The same review also recommends that women are promoted into senior roles such as the Chair, Senior Independent Director and Executive Director, and the Group now has a female in one of these roles. The Group is also focusing on increasing diversity further down its organisational structure; further details of this work can be found on pages 40 to 41, and in the Corporate Governance Report on pages 100 to 105.

Corporate governance controls

The Group continues to strengthen its internal corporate governance controls and adapt its processes, further details of which are presented in the Corporate Governance Report (pages 76 to 133). Furthermore, the Group bolstered its advisory set-up in January 2021 through the appointment of financial advisors Liberum, who act to advise both the Board and executive management team on corporate matters. In addition, BDO LLP was appointed in early 2021 as the Group’s Sponsor in accordance with the Listing Rules to provide advice and guidance on certain corporate matters as required.

Stakeholder engagement

The Group’s engagement with its stakeholders is summarised in the Business Model (pages 16 to 17, and in more detail on pages 46 to 49). Highlights of stakeholder engagement activities during 2021 include the hosting of a number of shareholder and analyst events in London with the assistance of the Group’s advisors Liberum Capital, the employee engagement forum held at site in September 2021, and the Group’s Family Day in July 2021 for engaging directly with local communities in Ukraine. The Group is actively working to Ferrexpo understands the importance of good corporate governance for transparency and building trust with stakeholders. In 2021, the Group has continued to strengthen its approach to corporate governance throughout its organisation, from its Board of Directors to training programmes for operators in Ukraine. increase its engagement with a broader range of stakeholder groups, in order to understand stakeholder needs and communicate effectively on a range of topics. The Group intends to further broaden its engagement with its stakeholders in the year ahead, working with its advisors in London and Kyiv to achieve this goal.

Related party matters

The Group has a controlling shareholder that also has a number of different businesses with which the Group has a commercial relationship. In order to maintain strong levels of corporate governance, and to ensure that these business relationships are conducted on an arm’s length basis, the Group has both the Committee of Independent Directors at the Board level and the Executive Related Party Matters Committee at the management level. As discussed in the Group’s 2020 Annual Report and Accounts, the Committee of Independent Directors (“CID”) has previously conducted a review in connection with the Group’s sponsorship arrangements with FC Vorskla and concluded its enquiry in March 2021. Arrangements were put in place by Kostyantin Zhevago and his associated entities, which are required to be executed by 31 July 2022. As of the date of this Annual Report and Accounts, the CID understands that these arrangements have not yet been completed.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Reporting requirements

Policies and standards	Additional information	Risks
Environmental – Tailings Management	Greenhouse gas emissions (pages 35-36) Energy consumption (page 36) www.ferrexpo.com/responsibility/protecting-environments/	Principal risks, pages 56-72
Employees – Ethics and Responsible Business Policy	Code of Conduct – Health and Safety Policy Health and safety (pages 32-33) Learning and development (pages 40-41)	Principal risks, pages 56-72
Human rights – Human Rights Policy	Data Privacy Policy – Anti-Slavery and Trafficking Statement – Information Security Diversity, equity and inclusion (pages 40-41)	Principal risks, pages 56-72
Social matters – Donations Policy	Community Policy Chair’s Statement (pages 2-3) Social engagement (pages 42-43)	Principal risks, pages 56-72
Anti-corruption and anti-bribery – Anti-Bribery Policy	Anti-Money Laundering and Counter Terrorist Financing Policy – Fraud Risk Management – Whistleblowing Policy	Principal risks, pages 56-72
Principal risks and impact on business activities	Business model (pages 16-17) Risk management (pages 54-55) Viability Statement (pages 73-75) Going Concern Statement (page 131)	Principal risks, pages 56-72
Diversity, equity and inclusion (pages 40-41)	Ferrexpo Code of Conduct www.ferrexpo.com/about-ferrexpo/corporate-governance/policies-and-standards	Principal risks, pages 56-72
Governance (page 44)	Governance Report (pages 76 to 133) www.ferrexpo.com/about-ferrexpo/corporate-governance/policies-and-standards/	Principal risks, pages 56-72
www.ferrexpo.com/responsibility/workforce-development/	www.ferrexpo.com/responsibility/safety-performance/
www.ferrexpo.com/responsibility/protecting-environments/	www.ferrexpo.com/responsibility/supporting-communities/
www.ferrexpo.com/responsibility/stakeholder-engagement/	www.ferrexpo.com/whistleblowing/

Non-financial KPIs

Key Performance Indicators (pages 20-21)

Non-financial information statement

The Ferrexpo Group complies with the non-financial reporting requirements contained in Sections 414CA and 414CB of the Companies Act 2006. The table below, and information it refers to, is intended to help stakeholders understand the Company’s position on key non- financial matters. This builds on existing reporting that the Company already does under the following frameworks: Global Reporting Initiative, Guidance on the Strategic Report (UK Financial Reporting Council), UN Global Compact, UN Sustainable Development Goals and UN Guiding Principles. In addition to its Annual Reports, Ferrexpo also publishes a standalone report covering its Responsible Business activities, with the report for 2020 available on the Group’s website and the report for 2021 expected to be released in the coming months.

Image: Ferrexpo is proud of its 20 years of collaboration with local partner Zeppelin, which has trained over 200 local engineers and maintainers to provide maintenance of the Group’s Caterpillar mining equipment.

STRATEGIC REPORT

Ferrexpo plc Annual Report & Accounts 2021

Review of Stakeholder Engagement Activities

EMPLOYEES AND CONTRACTORS	CUSTOMERS	SUPPLIERS	COMMUNITIES
Engagement activity in 2021 – 2021 employee engagement survey. – Training and development. – Annual performance reviews. – Engagement via Labour Council. – Compliance efforts and Integrity Line. – Board workforce engagement session.

CORPORATE GOVERNANCE

EMPLOYEES AND CONTRACTORS

Reasons behind engagement
– To foster a strong corporate culture.
– To promote workforce development and alignment with corporate values.
– To promote good corporate governance.

Engagement activity in 2021
– Relationship management, adapting in an environment whereby Covid-19 limits face-to-face interactions.
– Continuous dialogue with customers around each shipment, particularly for new relationships and new products.
– Contract negotiations for long-term contracts.

What matters most
– Safe production.
– Employee wellbeing.
– Workforce development.
– A diverse and inclusive working environment.
– Fair pay.

The Group’s response
– Fatality-free operations in 2021.
– Injury rates of 0.41 per million hours, materially below the Group’s historical average.
– Training department providing 6,442 courses in 2021.

How quality of engagement is assessed
– Performance of safety metrics relative to peers and Ferrexpo’s historical performance.
– Strong working relationship with unions at operations in Ukraine.
– Increasing levels of diversity within all levels of workforce.

Further plans for engaging in 2022
– Maintain safety and support individuals’ wellbeing during Russia’s war with Ukraine.
– Employee engagement survey.
– Continued workforce development.
– Programmes to further increase workforce diversity.

CUSTOMERS

Reasons behind engagement
– To develop strong, long-term relationships that are mutually beneficial.
– To promote sustainability throughout the value chain.

Engagement activity in 2021
– Relationship management.
– Regular feedback.
– Contract negotiations.

What matters most
– High quality products.
– Consistent product quality.
– Sustainability throughout the value chain.

The Group’s response
– Regular discussions between the Group’s representatives and customers.
– Effective communication between Ferrexpo’s marketing and operations teams.

How quality of engagement is assessed
– Longevity of customer relationships.
– High proportion of sales under long-term contracts (2021: 97%).

Further plans for engaging in 2022
– Continue relationships with long-term customers.
– Continue to maintain consistent and high quality supply of products.
– Continue to publish clear and comprehensive sustainability information in Responsible Business Reports.

SUPPLIERS

Reasons behind engagement
– To develop mutually beneficial, long-term relationships, supporting the Group’s operations.
– To promote sustainability throughout the value chain.

Engagement activity in 2021
– Regular and consistent engagement provided directly through the Group’s operating entities or Ferrexpo Charity Fund.
– The Group’s Covid-19 Response Fund, with US$3.5 million of approved funding.

What matters most
– High quality goods and services.
– High standards of employee welfare throughout the Group’s supply chain.
– Sustainability throughout the value chain.
– Good corporate governance.

The Group’s response
– Where possible, goods and services are sourced from local providers. The Group typically sources over 85% of goods and services from providers within Ukraine.
– 95% of contracts signed refer to Code of Conduct for Suppliers (2020: 87%).

How quality of engagement is assessed
– Adoption of Code of Conduct for Suppliers.
– Reports to the Group’s Integrity Line, maintaining good corporate governance standards.

Further plans for engaging in 2022
– Maintain supplier relationships during the Russian invasion of Ukraine.
– Maintain high level of goods and services from local providers.
– Further adoption of Ferrexpo’s Code of Conduct for Suppliers.

COMMUNITIES

Reasons behind engagement
– A strong and healthy link with local communities is essential for sustainable production and executing future growth plans.

What matters most
– High levels of local employment.
– High level of engagement with local businesses.
– Engagement with local authorities and local groups to provide direct support where it is needed.

The Group’s response
– Over 98% of employees from Ukraine, with majority based in local communities.
– The Group typically sources over 85% of goods and services from Ukrainian companies.
– Including Covid-19 support, UAH177 million of funding for local communities (2020: UAH158 million).

How quality of engagement is assessed
– Direct feedback through community support officers.
– Quarterly town hall meetings with General Directors.

Further plans for engaging in 2022
– Humanitarian Fund with US$12.5 million of approved funding (as of 21 April 2022).
– Focus on humanitarian assistance in 2022 in response to the Russian invasion of Ukraine.
– Employee engagement survey.

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

Engagement activity in 2021
– 2021 employee engagement survey.
– Training and development.
– Annual performance reviews.
– Engagement via Labour Council.
– Compliance efforts and Integrity Line.
– Board workforce engagement session.

ENVIRONMENT

Engagement activity in 2021
– Emissions reduction programme.
– Water recycling and initiatives to reduce water consumption.
– Biodiversity baseline studies.
– Waste recycling programme.

GOVERNMENT

INVESTORS

CAPITAL PROVIDERS

STRATEGIC REPORT

CORPORATE GOVERNANCE

FINANCIAL STATEMENTS

Ferrexpo plc Annual Report & Accounts 2021

EMPLOYEES AND CONTRACTORS

CUSTOMERS

SUPPLIERS

COMMUNITIES