– SWITZERLAND, Baar – Ferrexpo, at the Company’s AGM on 19 May 2016, will propose the election of Mr Stephen Lucas to the Board as an independent non-executive director. If elected, he is intended to succeed Michael Abrahams as Chairman. Mr Abrahams, who has been Chairman since 2007, will seek re-election at the AGM in order to facilitate a handover after a few months.
Stephen Lucas is a Chartered Accountant with long and wide-ranging financial experience as an executive and non-executive director in the energy and extractive industries. He was finance director at National Grid plc from 2002 to 2010 and previously worked for 11 years at Shell and for 6 years at BG Group, latterly as group treasurer. He has been a non-executive director of Tullow Oil plc since 2012 and Acacia Mining plc since 2013. He was a non-executive director of Essar Energy plc from 2012 to 2014.
Sir Malcolm Field, who was appointed to the Board as an independent non-executive director on 10 March 2016, is chairing a sub-committee responsible for reviewing matters relating to Bank F&C. Mr Lucas, if elected, will also join this committee.
Michael Abrahams, Chairman of Ferrexpo, said: “I am very pleased that the Board is recommending Steve for election as a Director at the AGM. He brings with him an excellent combination of financial, emerging markets and natural resources experience which should enable him to provide effective leadership to the Board.”
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. Ferrexpo’s resource base is one of the largest iron ore deposits in the world. The Group is currently the third largest supplier of pellets to the global steel industry and the largest exporter of pellets from the CIS. In 2015, it produced a record 11.7 million tonnes of pellets, a 6% increase compared to 2014. Ferrexpo has a diversified customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea. Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO.
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