Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for 2022.
In the given period, Ferrexpo recorded a net profit of $220 million, compared to a net profit of $871 million in the previous year. The sales revenues of the company totaled $1.25 billion in the given year, down by 50.3 percent year on year, due to operational and logistics constraints as a result of the war between Russia and Ukraine, lower sales volumes, and iron ore prices. The company’s sales volumes decreased by 45.5 percent to 6.18 million mt, while its EBITDA amounted to $765 million, down by 46.8 percent, both compared to the same period last year.
The company’s total pellet production in 2022 amounted to 6.05 million mt, decreasing by 46.0 percent year on year, due to the war in Ukraine and war-related restrictions.
As of late February this year, the company resumed operations at the second pelletizer line, following progress made in the stabilization of Ukraine’s electricity supply network. Ferrexpo said it intends to continue producing at between one and two pelletizer lines in the coming months.