The company’s net sales in the period increased by 379 percent year-on-year to 8,23 billion SEK, a press release from the company reads. Net profits amounted to 5.14 billion SEK (526 million EUR), which is up from 558 million SEK (58 million EUR) in 2009.
The results are record-beating, the company informs on its website.
The company now pays a 500 million SEK dividend to its owner, the Swedish state, E24.se reports. Company CEO Lars-Eric Aaro says that prospects for all of 2010 look bright and that the Chinese market now account for as much as 45 percent of global steel production.
LKAB (Luossavaara-Kiirunavaara AB) is based in Kiruna, northern Sweden, and is a major producer of iron ore products. Most of the iron ore products are sold to European steelworks. Other important markets are North Africa, the Middle East and Southeast Asia. LKAB has around 3,700 employees, of which 600 outside Sweden.
