Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for 2024.
In the given period, Ferrexpo recorded a net loss of $50 million, compared to a net loss of $85 million in 2023, due to the impairment charge of $72 million in the company’s assets heavily affecting the net results. The sales revenues of the company totaled $933 million in 2024, up by 30.1 percent year on year, due to higher sales volumes, which increased by 63.6 percent to 6.83 million mt, while its EBITDA amounted to $69 million, down by 30.3 percent mainly due to lower realised iron ore prices and higher costs, both compared to the previous year.
The company’s total pellet production in 2024 amounted to 6.07 million mt, increasing by 57.9 percent year on year.
“Through another 12 months of operating during a time of war, our people remained determined, culminating in an increase in production and sales to the highest levels since the start of the full-scale invasion in February 2022. I am very pleased, and grateful, that our organisation has been able to achieve such a dramatic recovery,” Lucio Genovese, chairman of Ferrexpo, commented.
