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 $55 million, compared to a net profit of $27 million in the first half of the previous year. The sales revenues of the company totaled $549 million in the first half, up by 64.4 percent year on year, due to increased sales volumes although prices were lower than those recorded in the same period last year. The company’s sales volumes went up by 84.6 percent to 3.8 million mt, while its EBITDA amounted to $79 million, up by 23.4 percent, both compared to the same period last year.
The company’s total pellet production in the first half totaled 3.29 million mt, up by 67.6 percent year on year, thanks to the establishment of a maritime corridor that has allowed the company to use Ukraine’s Black Sea ports again.
According to the report, the company expects in the second half of 2024 to sustain the restored production levels during the first half, provided that seaborne exports continue to be safe and viable in an environment where iron ore prices are subdued and costs under pressure.