Swiss-based iron ore company Ferrexpo plc released its tenth consecutive annual Responsible Business Report for 2024, which is its first to be prepared with reference to the Global Reporting Initiative (GRI) standards, detailing continued progress toward net-zero emissions and green steel transition, even amid the Ukraine conflict.

Ferrexpo reported selling 380,000 tons of high-grade direct reduction (DR) pellets in 2024 and secured supply Letters of Intent with several steel mills. Using DR pellets in electric arc furnaces (EAFs) can cut carbon emissions by one-third.

The company maintains its 2050 net-zero commitment for Scope 1 and 2 emissions, driven by its Green Mine Initiative, which includes mining electrification and automation.

Furthermore, Ferrexpo invested US$102 million in environmental management, focusing on improved water and tailings facilities, demonstrating its important role in European steel decarbonization.