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 $27 million, compared to a net profit of $82 million in the first half of the previous year. The sales revenues of the company totaled $334 million in the first half, down by 64.3 percent year on year, due to lower production and prices. The company’s sales volumes decreased by 52.3 percent to 2.08 million mt, while its EBITDA amounted to $64 million, down by 86.9 percent, both compared to the same period last year.
The company’s total pellet production in the first half totaled 1.96 million mt, decreasing by 58.9 percent year on year.
According to the company’s statement, the supply of iron ore is forecast to increase in the near term. On the demand side, Chinese demand will continue to play a significant role in pricing. The company expects that there will be downward pressure on iron ore prices in the second half of 2023 due to the abovementioned factors, combined with an overall bearish macroeconomic backdrop.
