Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for 2023.
In the given period, Ferrexpo recorded a net loss of $85 million, compared to a net profit of $220 million in 2022. The sales revenues of the company totaled $652 million in 2023, down by 47.7 percent year on year, due to lower sales resulting from logistics constraints and a decrease in average iron ore prices. The company’s sales volumes decreased by 32.5 percent to 4.17 million mt, while its EBITDA amounted to $130 million, down by 83.0 percent, both compared to the previous year.
The company’s total pellet production in 2023 amounted to 3.84 million mt, decreasing by 36.5 percent year on year.
“Although the war is now in its third year, the 2023 financial year represents the first full year that we operated during a time of war. The challenges that we continue to face cannot be understated. However, our results demonstrate that we have learnt to be nimble and how to adapt and respond to ever-changing circumstances,” Lucio Genovese, chairman of Ferrexpo, commented.