Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the first half of the current year.
In the given period, Ferrexpo recorded a net profit of $82 million, compared to a net profit of $661 million in the first half of the previous year amid lower EBITDA. The sales revenues of the company totaled $936 million in the first half, down by 30.6 percent year on year, due to lower sales volumes and iron ore prices and higher freight rates. The company’s sales volumes decreased by 21.4 percent to 4.37 million mt, while its EBITDA amounted to $486 million, down by 44.0 percent, both compared to the same period last year.
The company’s total pellet production in the first half totaled 4.79 million mt, decreasing by 13.8 percent year on year, due to the war in Ukraine and associated logistic constraints.
According to the company’s statement, its major capital investment program, the Wave 1 Expansion Project, which will add a further three million mt of annual pellet production, remains paused, but will recommence once the war-related risks facing the company end.
