Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the first half of the current year.
In the given period, Ferrexpo recorded a net profit of $661 million, compared to a net profit of $250 million in the first half of the previous year amid higher EBITDA. Sales revenues of the company totaled $1.35 billion in the first half, up 74 percent year on year, reflecting market conditions and investments in increasing pellet quality. The company’s sales volumes decreased by nine percent to 5.56 million mt, while its EBITDA amounted to $868 million, up by 147 percent, both compared to the same period last year.
“We are currently undertaking expansion work that will deliver growth in the near-term, having invested $93 million in growth capex in the first half, and we are already looking ahead to our next phase of growth. On product quality, we have secured our first long-term contract for our latest product offering, high-grade direct reduction pellets, which represent the future of global steel production as economies worldwide seek to decarbonize, and we also continue to cut our own carbon emissions,” Lucio Genovese, non-executive chair of Ferrexpo, said.