On March 23, Switzerland-based iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, issued its financial results for 2009, stating that the company was able to maintain profitability at a time of worldwide decline in iron ore demand as a result of its fundamental strength and its successful marketing strategy.
According to the financial results, the pre-tax profit of the company dropped to $80.9 million in 2009, down 79 percent compared with a pre-tax profit of $375.5 million in 2008. Total revenues in 2009 saw a decrease of 41 percent, dropping from $1.12 billion in the previous year to $648.7 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $138.1 million in 2009, compared to $503.9 million in 2008, dropping 72 percent.
Ferrexpo said that the company achieved a 7.2 percent increase in production of 65 percent Fe pellets in 2009 in line with its long-term strategy, as well as 3.5 percent increase in sales volumes and an 18.6 percent reduction in production costs.