Swedish iron ore miner LKAB’s iron ore production fell to 13.3mn mt in H1 2021 compared with 13.5mn mt in the same period last year. Its output in Q2 2021 was flat at 5.9mn mt compared to 6mn mt during the same quarter last year.
LKAB has noted strong demand for its highly upgraded iron ore products but has also recorded a drop in prices since the end of July according to its earnings release on Aug 12. The miner has stated that the outlook remains uncertain in a pandemic-induced environment.
The company is focusing on its transformational journey of becoming a sponge iron supplier for manufacturing fossil-free steel.
LKAB’s deliveries of iron ore products in H1 2021 were unchanged at 13.9mn mt. In Q2 2021, the delivery of iron ore products rose to 6.9mn mt from 6.6mn mt in Q2 2020.
The firm’s net sales of iron ore products in the first six months of the year rose to SEK25.5bn ($3.6bn) from SEK14.4bn in the same period in 2020. Its net sales in Q2 2021 rose to SEK13.8bn compared to SEK6.8bn in the same year-ago quarter.
LKAB’s total operating profit, including order products in H1 2021, rose to SEK16.3bn from SEK5bn in H1 2020. In Q2 2021, its operating profit increased to SEK9.1bn from SEK1.8bn in Q2 2020.
($1=SEK 6.94)