Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the full year of 2017.
In the given year, Ferrexpo recorded a net profit of $394 million compared to a net profit of $189 million recorded in the previous year. Sales revenues of the company totaled $1.19 billion, up 21 percent year on year, reflecting higher iron ore prices and pellet premiums. The company's sales volumes decreased by 11 percent to 10.46 million mt, due to pellet line refurbishment and a general increase in maintenance levels, while its EBITDA amounted to $551 million, increasing by 47 percent, both compared to 2016.
Ferrexpo stated that in the current year it expects further rationalization of steel capacity in China which should support global steel margins, and in turn encourage a continued focus on iron-making productivity. These dynamics, together with a continued focus by Chinese authorities on the environment and a reduction of air emissions, should provide a favorable setting for iron ore pellets.