Shares in Ferrexpo PLC (LSE:FXPO) fell 5% in early trading, then recovered to a 2% gain as the Ukrainian iron ore producer issued a statement noting that it has been 1,000 days since Russia invaded the country.
In that time, 44 of the London-listed company's staff have died in fighting, with 709 of the workforce currently active in the Ukrainian armed forces.
"This is more than at any time since February 2022," said executive chair Lucio Genovese in a letter to shareholders.
He said another 154 staff members have returned from the front as veterans, of which 96 have been able to return to work, with the remainder still undergoing rehabilitation.
"One of the biggest contributions that we can make is to keep our operations going, so that we are relevant for our 8,000 strong work force, and in turn for their families and communities," said Genovese.
The company doubled production in the early months of 2024, despite regular interruption due to air raid alerts, he said, with
"By continuing operations, we also remain relevant to our suppliers, the government and our customers.
"We have procured over US$1 billion in goods and services in Ukraine, paid over US$300 million in taxes and royalties, and exported well over 10 million tonnes of iron ore products since the full-scale invasion.
"The operating environment is challenging because of the war in addition to higher costs and lower market prices. Nonetheless, we adapt, change strategies, and continue to operate. This is testament to the strength of our collective efforts today, and an indicator of the opportunities that lie ahead in the future for the company."
This week Ferrexpo is launching a video series showing stories and perspectives of staff members who have returned from fighting and their partners.
"It is important that the experiences of veterans are documented," said Genovese, who added that Ferrexpo has so far funded over US$25 million to support more than 100 humanitarian programmes and initiatives since February this year.
** Update: share price updated **