Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for 2013.
In the given period, Ferrexpo's net profit increased by 20.6 percent to $263.7 million compared to the previous year. Sales revenues of the company totaled $1.6 billion, up 11 percent year on year. The increase was driven by a 10.5 percent year-on-year growth in sales volumes to 10.7 million mt. In 2013, Ferrexpo's EBITDA increased by 24.8 percent to $505.9 million, compared to the previous year.
According to Ferrexpo, in the first quarter of 2014 iron ore prices have been weak. It is expected that prices will stabilize but remain volatile for the remainder of the year. There is a growing demand for higher quality iron ore feedstock. The trend for premium iron ore is expected to be driven by greater environmental requirements for steel mills to reduce their harmful emissions as well as by a necessity to compensate for the price growth of lower grade iron ore fines that is becoming increasingly prevalent.