Swedish iron ore producer LKAB has issued its financial results for the fourth quarter and the full year of 2024.
In the given quarter, the company registered a net profit of SEK 2.07 billion ($206.12 million), compared to a net profit of SEK 3.63 billion in the fourth quarter of 2023, while its sales revenues decreased by 12.5 percent year on year to SEK 9.45 billion ($940.84 million), mainly due to lower iron ore prices. In addition, LKAB recorded an operating profit of SEK 2.62 billion ($260.73 million) in the same quarter, compared to an operating profit of SEK 3.63 billion in the corresponding quarter of 2023.
In the fourth quarter, the company’s iron ore output amounted to 5.7 million mt, dropping by 18.6 percent year on year, due to the effect of production disruptions from previous quarters, while its iron ore shipments grew by 3.1 percent year on year to 6.7 million mt, marking the highest level in 2024. At the end of the given quarter, all its plants were once again in full production, LKAB stated.
Meanwhile, in 2024, the company’s net profit came to SEK 8.77 billion ($872.50 million), dropping from a net profit of SEK 15.22 billion recorded in 2023, while its sales revenues fell by 22.8 percent year on year to SEK 33.15 billion ($3.30 billion), mainly due to lower iron ore prices and deliveries as a result of the stoppage on the iron ore railway. Additionally, LKAB registered an operating profit of SEK 8.72 billion ($867.49 million) in 2024, compared to the operating profit of SEK 16.23 billion in the previous year.
In the full year, the iron ore output of LKAB amounted to 22.7 million mt, moving down by 13.4 percent year on year, due to several lengthy production shutdowns, while its iron ore shipments fell by 13.4 percent year on year to 21.9 million mt as a result of major derailments on the iron ore railway at the beginning of the year.