Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the full year of 2015.
In the given year, Ferrexpo's net profit decreased by 82.8 percent year on year to $31.45 million compared to the previous year. Sales revenues of the company totaled $961 million, down 31 percent year on year. The company's sales volumes increased by 1.5 percent to 11.33 million mt, reflecting higher sales to Germany and Japan as well as first shipments to South Korea, while its EBITDA amounted to $313 million, decreasing by 37 percent, both compared to 2014.
According to Ferrexpo, it continued to reduce its cash cost of production which has declined from an average of $26.40/mt in December 2015 to an average of $24.30/mt in February this year. Ferrexpo also stated that it sells iron ore pellets which, in contrast to iron ore fines, are forecast to be in undersupply, and demand is expected to grow in the period to 2020.