Ferrexpo posts net loss for 2023, sees lower sales revenues

Friday, 19 April 2024 14:35:18 (GMT+3)   |   Istanbul

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.

DamlaTükenmez
Damla Tükenmez
Editor
All Articles by the Author

I graduated from the Department of English Language and Literature at Kocaeli University. Since 2020, I have been producing content focused on the steel industry. At SteelOrbis, I write industry news on a wide range of topics, including EU and UK trade measures, regulatory changes, quota utilization, and the statements and views of organizations representing the Turkish steel sector.

Similar articles

Ferrexpo posts $196 million net loss for H1 2025

Ferrexpo posts higher sales revenue, albeit net loss

Ferrexpo posts higher sales revenue amid increased sales volume

Brazilian iron ore exports increase 6.7 percent in October on more sales to Asia

Algerian Qatari Steel exports over 99,000 mt of steel products to Saudi Arabia and Lithuania

Ex-India pellet prices slip amid absent Chinese buyers, sellers focus on higher local margins

Weekly Brazilian high-grade iron ore prices rise on restocking expectations

Champion Iron posts Q2 net loss, completes first DRPF shipment

Vale's Q3 2026 net profit falls 53 percent as iron ore fines prices drop

LKAB returns to net profit in Q3 2026 as sales revenue rises amid higher shipments and lower costs