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LKAB's sales profits down in Q3 amidst lower iron ore prices

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Swedish iron ore manufacturer LKAB has actually released its economic outcomes for the third quarter and initial 9 months of the present year.In the 3rd quarter, the firm registered a net profit of SEK 4.57 billion ($407.94 million), compared to a web earnings of SEK 6.35 billion in the 3rd quarter of 2021. Sales revenues in the offered quarter decreased by 3.9 percent year on year to SEK 12.24 billion ($1.09 billion) as a result of reduced rates for highly upgraded iron ore products as well as somewhat greater distribution quantities offset by the strong dollar exchange rate, while the company recorded an operating profit of SEK 5.91 billion ($526.98 million) contrasted to an operating revenue of SEK 7.77 billion in the corresponding quarter of the previous year. In the third quarter this year, the business's iron ore result amounted to 6.6 million mt, lowering by 1.5 percent year on year, while its iron ore shipments climbed by 7.7 percent year on year to 6.6 million mt. The company specified that the third quarter's manufacturing was impacted by recurring production disturbances at the pelletizing plants in Kiruna. At the same time, in the January-September period, the web profit of the company was SEK 12.62 billion ($1.2 billion), dropping from the internet revenue of SEK 20 billion tape-recorded in the initial 9 months of the previous year. Sales earnings in the offered duration fell by 7.9 percent year on year to SEK 36.59 billion ($3.26 billion), while the firm signed up an operating earnings of SEK 18.12 billion ($1.61 billion), contrasted to the operating revenue of SEK 24.08 billion in the matching period of the previous year. Operating profit was influenced by the costs of maintenance actions delayed from the pandemic year of 2021, by production disruptions at the pelletizing plants in Kiruna and also by general cost increases for power as well as input goods. In the initial 9 months of this year, the iron ore outcome of LKAB totaled up to 18.6 million mt, falling by seven percent year on year. In the exact same duration, the business's iron ore deliveries dropped by 3.4 percent year on year to 19.5 million mt.

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