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LKAB forecasts global iron ore market to increase

Sweden's Luossavaara-Kiirunavaara AB (LKAB) announced an increase in profit in the second quarter of this year.

LKAB forecasts global iron ore market to increase

Sweden's Luossavaara-Kiirunavaara AB (LKAB) announced that its profit before tax doubled in the second quarter of this year compared to the same period of the previous year.

LKAB's profit before tax in the second quarter reached SKr 3.5 billion and its turnover reached SKr 61.59 million, an increase of 42 per cent compared to the same period of the previous year.

According to LKAB's Q2 report, global demand for iron ore and industrial minerals is increasing and limited supply is causing the market price to rise. This is also the main reason for the double profit in Q2. LKAB also predicts that the global iron ore market will continue to rise.

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