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IOL News
29-04-2025
- Business
- IOL News
ICTSI defends partnership with Transnet as Maersk dispute resumes in court
International Container Terminal Services Inc. (ICTSI) was announced as the preferred bidder for the Durban Container Terminal 2 almost two years ago. However Transnet, ICTSI and Maersk, the losing bidder, are engaged in a legal battle which returns to court at the end of April. Banele Ginidza Phillipines-based shipping container lines conglomerate, International Container Terminal Services, Inc. (ICTSI), has reaffirmed the legitimacy of its partnership with Transnet for the development of Durban's Pier 2 terminal. The dispute with Danish shipping giant Maersk, which returned to the KwaZulu-Natal High Court for two days of deliberation, could significantly impact one of South Africa's crucial trade gateways. The High Court issued an interdict last year, temporarily halting the collaboration following Maersk's legal challenge. Despite ICTSI's bid being announced as the preferred option on 11 April 2023, the court's previous decision led to significant frustration regarding delays in critical upgrades to the terminal. ICTSI has since expressed concern that the ongoing legal disputes could further postpone necessary enhancements. In a statement on Tuesday, ICTSI emphasised their readiness to commence implementation of the project immediately, asserting that their partnership with Transnet would introduce greater operational efficiency and transparency at Durban Container Terminal Pier 2. "ICTSI stands ready to begin implementation immediately and remains committed to partnering with Transnet to deliver improved operational efficiency, transparency, and reliability at Durban Container Terminal Pier 2," it said. "Unlike Maersk, ICTSI is not vertically integrated into shipping and port operations, allowing it to serve all shipping lines impartially," it said on frustrations with the delays stemming from Maersk's legal challenge. ICTSI reiterates its full confidence in the integrity, fairness and transparency of the process, run by Transnet." ICTSI decried that the challenge by Maersk was lodged nearly a year after the preferred bidder was publicly announced and is based on their interpretation of the financial solvency ratio — a metric that was not a disqualifying factor at any stage of the tender process. "It is important to clarify that ICTSI and all other bidders disclosed their financials during the Request for Qualification (RFQ) phase in early 2022," it said. "ICTSI's not only met the required criteria but exceeded them. When final bids were assessed, ICTSI offered R12 billion for the concession and received a 100% evaluation score compared to Maersk's R9.2bn and evaluation score of 83%." Transnet on Tuesday noted that it was the first day in the legal matter at the KwaZulu-Natal Division of the High Court in Durban. "Transnet and APM Terminals made their initial submissions to the court and will make further submissions tomorrow (Wednesday), which will be followed by ICTSI's presentation of its will await the court's decision at the conclusion of the case," Transnet said. In an interview earlier this year, Transnet Ports Terminals CEO Jabu Mdaki said the entity would continue with investments to the Pier 2 infrastructure while the court ruling held the partnership in abeyance. He said TPT would re-evaluate the inputs, to go into developments, have committed resources that would - That does form part of the contractual issues, what it is that we are doing will be taken into account once the dust settles and depending on which direction this will be settled. The viability of the terminal needs to continue to be a working terminal. "Our position with Pier 2 is quite important for the economy. We are not going to compromise the viability of Pier 2, which is the reason we are continued investing equipment like the 20 straddle carriers," Mdaki said. "We have also placed an order for 4 STS cranes for Pier 2 to be delivered second half of this year. This a huge investment, one cannot allow equipment deterioration to continue while waiting for the legal outcome and the counterchallenges that might come. It is important to continue with the business and strengthening the business as well." BUSINESS REPORT
Associated Press
28-02-2025
- Business
- Associated Press
Ferrovial increased adjusted EBITDA by 38.9% in 2024
Company completes an outstanding year, with strong operating performance and assets rotation Toll roads in North America experience significant growth in revenue per transaction Construction reports record order book and exceeds profitability target for the year AMSTERDAM, Feb. 27, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, reported an adjusted EBITDA of $1.5 billion in 2024, a 38.9% increase year over year in like-for-like terms boosted by robust performance in all business areas, while revenue amounted to $9.9 billion, a 6.7% growth on a like-for-like basis. Net profit amounted to $3.5 billion in 2024, thanks to capital gains from assets rotation. '2024 was a pivotal year for Ferrovial, marked by the start of trading on the Nasdaq stock exchange. We reported strong financial results, supported by a solid performance across business units. Our infrastructure assets in North America continued growing significantly, delivering strong dividends. In addition, the construction business improved profitability, surpassing the target for the year and reporting a record order book,' said Ignacio Madridejos, Ferrovial CEO. 'Looking ahead, we see an attractive pipeline of assets in North America, where Ferrovial is well positioned to continue to develop complex, essential infrastructure projects that drive progress and improve the connectivity of a fast-moving world.' As part of Ferrovial's strategy to keep growing in North America, the company was shortlisted for bidding on the I-285 East Express Lanes in Atlanta and has submitted the Request for qualification (RFQ) for the I-24 Southeast Choice Lanes project in Tennessee, and foresees additional potential opportunities in Nashville, Atlanta, Charlotte and Alexandria. Ferrovial closed 2024 in a solid financial position, with liquidity of $5.5 billion and consolidated net debt of -$1.9 billion, excluding infrastructure projects in both cases. During the year, the company received $1,024 million in dividends from infrastructure assets and registered the proceeds from the divestments in Heathrow ($2.2 billion) and IRB Infrastructure Developers ($228 million), among others, as well as the vendor loan in relation to the Amey divestment ($190 million). These inflows were allocated to growth investments, including the acquisition of 24% of IRB Infrastructure Trust and equity injections in JFK's New Terminal One, as well as to shareholders distributions and share buybacks. Operating results The Toll roads division recorded a 19.6% increase in revenue in like-for-like terms to $1.4 billion as a result of solid growth in North America. Adjusted EBITDA improved by 19.5% in like-for-like terms to $993 million. Traffic grew by 4.8% on 407 ETR in Canada, supported by an increase in mobility, impact from construction activities on highway 401, fewer winter weather events and more promotional offers to reduce congestion in the corridor during peak hours, while revenue rose 14% to CAD 1.7 billion. Ferrovial received a $347 million dividend from the asset in 2024. The Express Lanes in the U.S. experienced solid growth in revenue per transaction during the period. Thus, I-66 Express (Virginia) registered a 33.2% increase, NTE 35W (Texas) 12.5%, I-77 Express (North Carolina) 11.7%, LBJ Express (Texas) 8.8% and NTE (Texas) 6%. With regards to traffic, largest increases were registered on NTE 35W (+22.3%), thanks to the opening of Segment 3C in June 2023, and on I-66 Express (+11.1%). NTE saw a 2.2% decline due to construction works to increase capacity in the corridor. I-66 and I-77 Express distributed dividends for the first time, and Ferrovial received $96 million and $222 million, respectively. In addition, the company received $111 million from NTE, $94 million from NTE 35W and $58 million from LBJ in 2024. The Construction division ended the year with a record order book of $17.3 billion, with North America accounting for 49%, Poland 25% and Spain 14%. Revenue amounted to $7.8 billion, an increase of 3.8% on a like-for-like basis. The adjusted EBIT stood at $307 million, while adjusted EBIT margin reached 3.9%, above the 3.5% goal set for the year In the Airports division, Dalaman welcomed 5.6 million passengers in 2024, marking a 7.7% gain from a year earlier. This growth was driven by expanded airline capacity, the launch of new routes to the UK and other European countries, and a rise in domestic traffic. The New Terminal One (NTO) at JFK International Airport kept progressing within budget and on schedule. NTO has reached 16 agreements with airlines, including contracts executed with ten companies, such as Air France, KLM and SAS, as well as six letters of intention with international carriers, like Turkish Airlines and Air China. In addition, it successfully concluded a $2.55 billion green bond issuance in June. Energy, the division established at the beginning of last year, reported $292 million in revenues and $2.2 million in adjusted EBITDA. Main milestones in 2024 After more than 20 years of operations in the U.S., Ferrovial's shares began trading on the Nasdaq stock exchange on May 9th, a significant milestone in the company's internationalization process and its commitment to grow in North America. With this move, Ferrovial trades simultaneously on the Spanish, Dutch and U.S. stock markets. During the year, Ferrovial acquired a 24% stake in IRB Infrastructure Trust in India, an investment vehicle that holds a portfolio of 14 toll road concessions in operations in the country and another one under construction. Ferrovial participates in the consortium that was awarded Lima's Peripheral Ring Road (Peru), a 34.8-kilometer highway to improve the connection between Lima and Callao and benefit more than 4.5 million people. As part of its asset rotation strategy, Ferrovial sold a 5% stake in IRB Infrastructure Developers and completed the sale of its remaining 24.78% participation in Serveo. Furthermore, the company closed the sale of a 19.75% stake in Heathrow Airport for GBP1.7 billion and announced the sale of its share in AGS airport (completed in the first quarter of 2025). In 2024, Ferrovial consolidated its position as the highest ranked company in Europe and the second worldwide in the Construction and Engineering sector, according to the Dow Jones Best in Class Index (former Dow Jones Sustainability Index). Conference call information KEY FIGURES (Million dollar) 2024 2023 Change1/2 Revenue 9,895 9,210 6.7 % Adjusted EBITDA2 1,452 1,072 38.9 % Adjusted EBIT2 975 638 57.8 % Net profit 3,503 682 2024 2023 Consolidated net debt2 6,273 6,188 Net debt, excluding infrastructure projects2 -1,857 -1,160 Change1 Construction order book1/2 17,340 15,709 7.5 % (1) In like-for-like terms (2) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, see the Alternative Performance Measures appendix to the 2024 Integrated Annual About Ferrovial Ferrovial is one of the world's leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain's blue-chip IBEX 35 index. It is also included in globally recognized sustainability indices such as the Dow Jones Best in Class Index (former Dow Jones Sustainability Index), and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002. Forward-Looking Statements This press release contains forward-looking statements. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company's financial position, business strategy, plans, and objectives of management for future operations, expectations surrounding future shareholder distributions, certain air traffic and population estimates, as well as statements that include the words 'expect,' 'intend,' 'plan,' 'believe,' 'project,' 'forecast,' 'foresee,' 'estimate,' 'may,' 'should,' 'target,' 'anticipate' and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company's control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this press release or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and Business Divisions; risks related to our acquisitions, divestments and other strategic transactions that we may undertake and considering that our business is derived from a small number of projects; the impact of competitive pressures in our industry and pricing, including the costs of and lack of certainty in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us; our ability to obtain adequate financing in the future as needed; our ability to maintain compliance with the continued listing requirements of Nasdaq Global Select Market, Euronext Amsterdam and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; impact of any changes in existing or future tax regimes or regulations; risks specific to our securities, including the payment of future dividends, which will depend on our financial condition and results of operations, and the liquidity of our shares as a consequence of the multiple listings in different jurisdictions; risks related to increased digitalization and to cybersecurity threats; the impacts of accidents or other incidents at our project sites and facilities; physical and transitional risks in connection with the impacts of climate change; risks related to increased scrutiny and changing expectations in connection with sustainability and ESG matters; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; risk associated with the international nature of our business and operations; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; our legal and regulatory risks given that we operate in highly regulated environments and may be subject to changes in regulations; risks related to our holding company structure and from our joint venture and partnership operations; and the other important factors discussed under the caption 'Risk Factors' in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ('SEC') which is available on the SEC website at as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction. In addition, certain industry data and information contained in this press release has been derived from industry sources. The Company has not undertaken any independent investigation to confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to the accuracy or completeness of such data and information.
Yahoo
28-02-2025
- Business
- Yahoo
Ferrovial increased adjusted EBITDA by 38.9% in 2024
Company completes an outstanding year, with strong operating performance and assets rotation Toll roads in North America experience significant growth in revenue per transaction Construction reports record order book and exceeds profitability target for the year AMSTERDAM, Feb. 27, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, reported an adjusted EBITDA of $1.5 billion in 2024, a 38.9% increase year over year in like-for-like terms boosted by robust performance in all business areas, while revenue amounted to $9.9 billion, a 6.7% growth on a like-for-like basis. Net profit amounted to $3.5 billion in 2024, thanks to capital gains from assets rotation. "2024 was a pivotal year for Ferrovial, marked by the start of trading on the Nasdaq stock exchange. We reported strong financial results, supported by a solid performance across business units. Our infrastructure assets in North America continued growing significantly, delivering strong dividends. In addition, the construction business improved profitability, surpassing the target for the year and reporting a record order book," said Ignacio Madridejos, Ferrovial CEO. "Looking ahead, we see an attractive pipeline of assets in North America, where Ferrovial is well positioned to continue to develop complex, essential infrastructure projects that drive progress and improve the connectivity of a fast-moving world." As part of Ferrovial's strategy to keep growing in North America, the company was shortlisted for bidding on the I-285 East Express Lanes in Atlanta and has submitted the Request for qualification (RFQ) for the I-24 Southeast Choice Lanes project in Tennessee, and foresees additional potential opportunities in Nashville, Atlanta, Charlotte and Alexandria. Ferrovial closed 2024 in a solid financial position, with liquidity of $5.5 billion and consolidated net debt of -$1.9 billion, excluding infrastructure projects in both cases. During the year, the company received $1,024 million in dividends from infrastructure assets and registered the proceeds from the divestments in Heathrow ($2.2 billion) and IRB Infrastructure Developers ($228 million), among others, as well as the vendor loan in relation to the Amey divestment ($190 million). These inflows were allocated to growth investments, including the acquisition of 24% of IRB Infrastructure Trust and equity injections in JFK's New Terminal One, as well as to shareholders distributions and share buybacks. Operating results The Toll roads division recorded a 19.6% increase in revenue in like-for-like terms to $1.4 billion as a result of solid growth in North America. Adjusted EBITDA improved by 19.5% in like-for-like terms to $993 million. Traffic grew by 4.8% on 407 ETR in Canada, supported by an increase in mobility, impact from construction activities on highway 401, fewer winter weather events and more promotional offers to reduce congestion in the corridor during peak hours, while revenue rose 14% to CAD 1.7 billion. Ferrovial received a $347 million dividend from the asset in 2024. The Express Lanes in the U.S. experienced solid growth in revenue per transaction during the period. Thus, I-66 Express (Virginia) registered a 33.2% increase, NTE 35W (Texas) 12.5%, I-77 Express (North Carolina) 11.7%, LBJ Express (Texas) 8.8% and NTE (Texas) 6%. With regards to traffic, largest increases were registered on NTE 35W (+22.3%), thanks to the opening of Segment 3C in June 2023, and on I-66 Express (+11.1%). NTE saw a 2.2% decline due to construction works to increase capacity in the corridor. I-66 and I-77 Express distributed dividends for the first time, and Ferrovial received $96 million and $222 million, respectively. In addition, the company received $111 million from NTE, $94 million from NTE 35W and $58 million from LBJ in 2024. The Construction division ended the year with a record order book of $17.3 billion, with North America accounting for 49%, Poland 25% and Spain 14%. Revenue amounted to $7.8 billion, an increase of 3.8% on a like-for-like basis. The adjusted EBIT stood at $307 million, while adjusted EBIT margin reached 3.9%, above the 3.5% goal set for the year In the Airports division, Dalaman welcomed 5.6 million passengers in 2024, marking a 7.7% gain from a year earlier. This growth was driven by expanded airline capacity, the launch of new routes to the UK and other European countries, and a rise in domestic traffic. The New Terminal One (NTO) at JFK International Airport kept progressing within budget and on schedule. NTO has reached 16 agreements with airlines, including contracts executed with ten companies, such as Air France, KLM and SAS, as well as six letters of intention with international carriers, like Turkish Airlines and Air China. In addition, it successfully concluded a $2.55 billion green bond issuance in June. Energy, the division established at the beginning of last year, reported $292 million in revenues and $2.2 million in adjusted EBITDA. Main milestones in 2024 After more than 20 years of operations in the U.S., Ferrovial's shares began trading on the Nasdaq stock exchange on May 9th, a significant milestone in the company's internationalization process and its commitment to grow in North America. With this move, Ferrovial trades simultaneously on the Spanish, Dutch and U.S. stock markets. During the year, Ferrovial acquired a 24% stake in IRB Infrastructure Trust in India, an investment vehicle that holds a portfolio of 14 toll road concessions in operations in the country and another one under construction. Ferrovial participates in the consortium that was awarded Lima's Peripheral Ring Road (Peru), a 34.8-kilometer highway to improve the connection between Lima and Callao and benefit more than 4.5 million people. As part of its asset rotation strategy, Ferrovial sold a 5% stake in IRB Infrastructure Developers and completed the sale of its remaining 24.78% participation in Serveo. Furthermore, the company closed the sale of a 19.75% stake in Heathrow Airport for GBP1.7 billion and announced the sale of its share in AGS airport (completed in the first quarter of 2025). In 2024, Ferrovial consolidated its position as the highest ranked company in Europe and the second worldwide in the Construction and Engineering sector, according to the Dow Jones Best in Class Index (former Dow Jones Sustainability Index). Conference call information Ferrovial will host a conference call on February 28 at 15:00 CET / 09:00 a.m. ET to discuss FY24 financial results. To access the earnings call, click here or visit the Investor Relations section of the company's website at KEY FIGURES (Million dollar)2024 2023 Change1/2 Revenue 9,895 9,210 6.7 % Adjusted EBITDA2 1,452 1,072 38.9 % Adjusted EBIT2 975 638 57.8 % Net profit 3,503 682 2024 2023Consolidated net debt2 6,273 6,188Net debt, excluding infrastructure projects2 -1,857 -1,160 Change1 Construction order book1/2 17,340 15,709 7.5 % (1) In like-for-like terms (2) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, see the Alternative Performance Measures appendix to the 2024 Integrated Annual Report. About Ferrovial Ferrovial is one of the world's leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain's blue-chip IBEX 35 index. It is also included in globally recognized sustainability indices such as the Dow Jones Best in Class Index (former Dow Jones Sustainability Index), and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002. Forward-Looking StatementsThis press release contains forward-looking statements. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company's financial position, business strategy, plans, and objectives of management for future operations, expectations surrounding future shareholder distributions, certain air traffic and population estimates, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "foresee," "estimate," "may," "should," "target," "anticipate" and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company's control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this press release or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and Business Divisions; risks related to our acquisitions, divestments and other strategic transactions that we may undertake and considering that our business is derived from a small number of projects; the impact of competitive pressures in our industry and pricing, including the costs of and lack of certainty in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us; our ability to obtain adequate financing in the future as needed; our ability to maintain compliance with the continued listing requirements of Nasdaq Global Select Market, Euronext Amsterdam and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; impact of any changes in existing or future tax regimes or regulations; risks specific to our securities, including the payment of future dividends, which will depend on our financial condition and results of operations, and the liquidity of our shares as a consequence of the multiple listings in different jurisdictions; risks related to increased digitalization and to cybersecurity threats; the impacts of accidents or other incidents at our project sites and facilities; physical and transitional risks in connection with the impacts of climate change; risks related to increased scrutiny and changing expectations in connection with sustainability and ESG matters; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; risk associated with the international nature of our business and operations; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; our legal and regulatory risks given that we operate in highly regulated environments and may be subject to changes in regulations; risks related to our holding company structure and from our joint venture and partnership operations; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") which is available on the SEC website at as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable addition, certain industry data and information contained in this press release has been derived from industry sources. The Company has not undertaken any independent investigation to confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to the accuracy or completeness of such data and information. View original content to download multimedia: SOURCE Ferrovial Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
NY AG addresses Social Security impacts in Hudson Valley. What to know
New York Attorney General Letitia James is calling for SSA Acting Commissioner Lee Dudek to maintain the Hudson Valley offices facing closures or reduced services. On Jan. 30, the Poughkeepsie Social Security office, located at 332 Main St., temporarily closed to undergo renovations. A small contact station has been set up at the space for limited services, but residents have largely been directed to instead use the Middletown office for their needs, and no reopening timeline has been given for the Poughkeepsie office. In White Plains, the Social Security Office of Hearings Operations — a central hub for seven counties including Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester — is set to close on May 31. "Social security is a sacred promise that this country makes to its citizens," James said in a statement. "Seniors and people with disabilities throughout the Hudson Valley rely on the White Plains and Poughkeepsie offices to ensure they receive the support they deserve." "Protecting access to social security and the rights of vulnerable New Yorkers must transcend politics and be a principle that all those in public service support," James continued. More: Mill House Brewing Company's latest venture is opening soon in Highland. What to know The White Plains OHO schedules and hosts hearings for people who have filed a Request for Hearing and live within the service areas of the Middletown, Monticello, New Rochelle, Peekskill, Poughkeepsie, West Nyack, White Plains and Yonkers SSA offices. The lease at the White Plans office building is expiring, and SSA does not intend to extend the lease, according to an email statement from Everett Lo, regional communications director for the SSA. Instead, those seeking services at that office will be assigned to one of the following OHO offices in New York and Connecticut: 12 Corporate Woods Blvd., Albany. 220 East 161 St., Second Floor, Suite 2, Bronx. Jacob K. Javits Federal Building, 26 Federal Plaza, Room 2909, New York. 201 Varick St., Third Floor, Room 315, New York. Joseph P. Addabbo Federal Building, 155-10 Jamaica Ave., Second Floor, Jamaica. 157 Church St., Seventh Floor, New Haven. Most of the hearings held are virtual, Lo said, and SSA will continue to offer virtual, phone and in-person hearings, just not at the White Plains OHO. According to the attorney general's office, the White Plains OHO has a massive backlog of cases, given the number of elderly and disabled New Yorkers who rely on its services. In a letter to the SSA acting commissioner, James said, "Recent reports show that currently, without the devastating impact of this reported closure, the White Plains office has a roughly 2,000-case backlog and that redetermination hearings come with an eight-month wait. It is simply unconscionable to strip away the services altogether rather than trying to fix an already challenging situation." In Poughkeepsie, James said, those who require services not provided at the temporary office while its SSA space is under renovation will have to travel at least an hour to another office. Local government leaders had previously called on SSA for more information regarding the closure, including what in-person services may still be available and how long the closure is expected to last, but said the SSA response only directed residents to call or fax the office with their questions. Numerous lawmakers joined James in voicing their concerns over the offices' closures on Thursday, including New York State Senator Michelle Hinchey. "Shuttering our Poughkeepsie Social Security office and the pending closure in White Plains puts an unconscionable burden on our neighbors, from seniors to wounded veterans, and individuals with disabilities, who rely on these vital benefits and the convenience of local services," Hinchey said in a statement. "It's the federal government's job to administer Social Security — that job includes making sure no one is left behind or subject to delays and roadblocks." "We need clarity from the SSA on their plans and a commitment to ensuring these facilities remain available locally," Hinchey continued. This article originally appeared on Poughkeepsie Journal: NY AG addresses Hudson Valley Social Security closures: What to know
