LKAB publishes Annual and Sustainability Report for 2024
LKAB’s Annual and Sustainability Report for 2024 summarises a year marked by both challenges and progress, with the uncertain global situation having continued to affect markets and supply chains.
The report highlights the conditions and challenges facing LKAB, such as capacity constraints on the Iron Ore Line, regulatory processes and the availability of fossil-free energy – crucial factors for the industrial transformation. But it also details the opportunities that LKAB has seized to develop through innovation into a globally leading mining and minerals group with over 130 years of experience, a driving force for Swedish industry and a key player in the country’s economic development.
“2024 was a year of both trials and successes. We saw continued demand for our highly upgraded products, but the year was also marked by production challenges and disruption in transport chains. The capacity problems of the Iron Ore Line were once again made clear, and we see an urgent need for investment to ensure deliveries in the long term. Increased geopolitical uncertainty has also put further focus on the importance of a stable and secure supply of raw materials in Europe. Alongside this we have continued to develop our exploration and identified a significant increase in our mineral resources that strengthens our future,” says Jan Moström, President and CEO LKAB.
Lower delivery volumes impacted earnings
LKAB is reporting an operating profit of SEK 8.7 billion for 2024. Net sales amounted to SEK 33.1 billion, down from SEK 42.9 billion in the previous year, mainly as a result of lower delivery volumes and falling iron ore prices. At the same time, the company continued to make decisions on a series of investments aimed at future-proofing the business through innovation, sustainability and enhanced competitiveness.
“Our strategy is based on three key elements: a new world standard for mining through automation, electrification and digitalisation; carbon-free processes that reduce industrial emissions and create sustainable products; and increased extraction of critical minerals to strengthen Europe’s self-sufficiency. These areas are crucial for LKAB’s long-term competitiveness, for Sweden’s industrial strength and for Europe’s security of supply,” Jan Moström continues.
Follow this link to read LKAB’s Annual and Sustainability Report 2024.
The printed Swedish version of the Annual and Sustainability Report will be available in conjunction with LKAB’s Annual General Meeting on 24 April 2025 and can then be ordered via lkab.com.
A summary in English is published at lkab.com and the full English version of the Annual and Sustainability Report will be available on 24 April 2025. The printed English version will be available in mid-May.
This information constitutes information that Luossavaara-Kiirunavaara AB is required to disclose under Sweden’s Securities Markets Act. It was released for publication at 14.00 CET on 27 March 2025.
For further information about LKAB’s development and strategic initiatives, visit lkab.com.
For more information, please contact:
Mikko Viitala, press contact LKAB,
tel.: +46 70 309 8163, email: mikko.viitala@lkab.com
Media hotline: +46 771 760 010, press@lkab.com
LKAB is an international mining and minerals group that offers sustainable iron ore, minerals and special products. We are committed to developing carbon-free processes and products by 2045, leading the transformation of the iron and steel industry. Since 1890 we have developed through unique innovations and technological solutions and are driven forward by almost 5,200 employees in 12 countries. In 2024, the LKAB group had sales of about SEK 33 billion. lkab.com
Media
