While the COVID-19 pandemic has disrupted the global demand structure for iron ore, Ferrexpo's favorable geographic location between Europe and Asia, combined with flexible logistics capabilities, has enabled the company to effectively turn its sales towards China, it says. in the comments of Lucio Genovese, non-executive chairman of the Swiss mining company Ferrexpo with assets in Ukraine.
The rise in iron ore prices resulting from China's increased steel production, coupled with increased production volumes and control over the group's costs, ensured strong financial performance for the group in 2020, ”said Genovese.
Ferrexpo's 2020 revenue increased 13% to US $ 1.7 billion, reflecting increased production and inventory reduction in the first half of 2020.
Underlying EBITDA grew 46% to US $ 859 million (2019: US $ 586 million).
Ferrexpo announced an additional special interim dividend of 39.6 US cents, raising the total dividend paid for 2020 to 72.6 US cents (2019: 19.8 US cents). p>
As reported, Ferrexpo in 2020 increased its total pellet production by 7% compared to 2019 - to 11.218 million tonnes. Concentrate output increased by 5.9% to 14 million tonnes.
Ferrexpo plc is a Swiss raw materials and mining company, which is the third largest exporter of iron ore pellets in the world. Ferrexpo's base of operations is located in central Ukraine, where it owns three iron ore mines and an iron ore pellet mill.
Ferrexpo owns 100% of shares of Poltava GOK, 100% of Eristovsky GOK and 99.9% of Belanovsky GOK.