Ferrexpo sees weaker earnings in 2014

Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its unaudited financial results for 2014.
 
In the given period, Ferrexpo's profit before tax decreased by 17 percent to $254 million compared to 2013, amid the fall in iron ore prices and significant political upheaval in Ukraine. Sales revenues of the company totaled $1.4 billion, down 12 percent year on year, due to the 28 percent decrease in the average iron ore price on China CFR basis. The company's sales volumes increased by four percent year on year to 11.2 million mt of pellets as a result of strong customer demand. In 2014, Ferrexpo's EBITDA increased to $496 million, falling two percent compared to the previous year.
 
According to Ferrexpo, during the month of December 2014, production was reduced by 144,000 mt of pellets due to disruptions in electricity supply. Ferrexpo's production facilities and its export routes are currently operating at full capacity and one million mt of pellets were produced in January of the current year, constituting a new record for the company.