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LKAB forecasts reduced deliveries, increased costs and operational disruptions

LKAB says that iron ore prices remain at elevated levels despite decreasing in the first half of 2023, but uncertainty about global economic developments remains.

LKAB forecasts reduced deliveries, increased costs and operational disruptions

LKAB's iron ore deliveries decreased by 6% y-o-y to 5.8 million tons in the second quarter, while the pellet ratio was 81%, down from 82% a year earlier.

Iron ore production decreased by 7% to 5.3 million tons, impacted by planned maintenance outages, production disruptions and a shortage of crushed ore in Kiruna.

The average global spot price for iron ore products was lower in Q2 compared to the same period last year, at $111/t compared to $138/t a year earlier. This represents a decrease of $14/t compared to the first quarter. Quoted pellet premiums in the quarter were $30/t lower y-o-y.

Net sales decreased 24% to SEK 9.35 billion ($862.6 million) in Q2, while net income decreased 28% to SEK 3.05 billion. Earnings were impacted by lower prices for highly upgraded iron ore products and lower delivery volumes. They were also impacted by higher prices for energy and other inputs, which accounted for 25% of increased costs, as well as prolonged planned maintenance shutdowns, measures to secure production capacity and increased exploration work.


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