SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Setback for LKAB – new facility in Luleå

Lower deliveries, weak production, and falling market prices are hitting the state-owned mining company LKAB hard, according to an interim report. But they are still investing heavily in a new center and a processing plant in Luleå.

» Published: October 24 2024

Setback for LKAB – new facility in Luleå
Photo: Pontus Lundahl/TT

LKAB is investing 800 million in a research and development center and a facility for refining phosphorus and rare earth metals in Luleå.

"A significant milestone," says CEO Jan Moström according to a press release.

The demonstration facility is expected to be operational by the end of 2026 and will develop the process of utilizing material flows from LKAB's iron ore production in Gällivare, resources that have so far been discarded as mining waste, according to LKAB.

At the same time, LKAB is reporting an operating profit of 2.1 billion kronor for the third quarter, down from 5.0 billion during the corresponding quarter last year.

Net sales fell from 10.8 billion to 8.4 billion.

LKAB's third quarter was marked by extensive production disruptions and several longer production shutdowns. Net sales and operating profit for the quarter were also affected by lower iron ore prices and deliveries," the company writes in a press release.

Production disruptions and longer production shutdowns reduced volumes to 4.9 million tons, down from 7.0 million tons.

"The measures will continue in the coming months and will therefore limit production also during the fourth quarter," LKAB writes.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Nike Shares Drop 8.1% Amid Sales Concerns on NYSE

Nike Shares Drop 8.1% Amid Sales Concerns on NYSE

Trump and Bondi Warn Tesla Vandals of Severe Prison Sentences

Trump and Bondi Warn Tesla Vandals of Severe Prison Sentences

Snus Delivery Strike Looms as Union Holds Firm on Notice

Snus Delivery Strike Looms as Union Holds Firm on Notice

EU Investigates Star Stable for Allegedly Deceiving Kids Out of Money

EU Investigates Star Stable for Allegedly Deceiving Kids Out of Money

Russia Holds Steady on Interest Rate Amid High Inflation Concerns

Russia Holds Steady on Interest Rate Amid High Inflation Concerns

Social Democrats Criticize Increased ROT Deduction as Ineffective

Social Democrats Criticize Increased ROT Deduction as Ineffective

Sweden Unveils Updated Food Strategy to Boost Domestic Production

Sweden Unveils Updated Food Strategy to Boost Domestic Production

Tele2 Gains Amid Stockholm Stock Exchange Downturn

Tele2 Gains Amid Stockholm Stock Exchange Downturn

Germany's Major Loans Drive Up Interest Rates Across Europe

Germany's Major Loans Drive Up Interest Rates Across Europe

Asian Markets Diverge Amid Fed Signals and Trade Uncertainty

Asian Markets Diverge Amid Fed Signals and Trade Uncertainty

Sweden's Rent Hike Slows in 2025 but Remains a Struggle for Many

Sweden's Rent Hike Slows in 2025 but Remains a Struggle for Many

Heathrow Closure Disrupts Travel for Hundreds of Thousands After Fire

Heathrow Closure Disrupts Travel for Hundreds of Thousands After Fire

Akelius Foundation and Partners Raise 125 Million Kronor for Gaza Education

Akelius Foundation and Partners Raise 125 Million Kronor for Gaza Education

Snus Deliveries Secure as Strike Notice Withdrawn in Sweden

Snus Deliveries Secure as Strike Notice Withdrawn in Sweden

Navigating Mortgage Decisions Amid Economic Uncertainty

Navigating Mortgage Decisions Amid Economic Uncertainty

Svantesson Urges Shared Responsibility to Tackle Rising Food Prices

Svantesson Urges Shared Responsibility to Tackle Rising Food Prices

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

EU Delays Bourbon Tariffs, Seeks Talks with Trump Administration

EU Delays Bourbon Tariffs, Seeks Talks with Trump Administration

Bank of England Holds Interest Rate Steady Amid Inflation Concerns

Bank of England Holds Interest Rate Steady Amid Inflation Concerns

Geely's Profit Soars in 2024 with Strategic Shift and Sales Boost

Geely's Profit Soars in 2024 with Strategic Shift and Sales Boost

Coop Syd Cuts 160 Jobs Amid Ongoing Boycott in Sweden

Coop Syd Cuts 160 Jobs Amid Ongoing Boycott in Sweden

Mercedes CEO Calls for Zero Tariffs to Boost US-EU Trade

Mercedes CEO Calls for Zero Tariffs to Boost US-EU Trade

Switzerland Nears Zero Interest Rate as Central Bank Cuts Again

Switzerland Nears Zero Interest Rate as Central Bank Cuts Again

Swedish Central Bank Holds Steady on Interest Rates Amid Inflation Concerns

Swedish Central Bank Holds Steady on Interest Rates Amid Inflation Concerns

Swedish Central Bank Holds Rates Steady, Ready to Act on Inflation

Swedish Central Bank Holds Rates Steady, Ready to Act on Inflation

Ericsson Gains Amid Stockholm Stock Exchange Dip

Ericsson Gains Amid Stockholm Stock Exchange Dip

Sweden Tackles Rising Food Costs: Government Meets with Industry Leaders

Sweden Tackles Rising Food Costs: Government Meets with Industry Leaders

China Holds Steady on Interest Rates Amid Economic Challenges

China Holds Steady on Interest Rates Amid Economic Challenges

Trump Calls on Fed to Lower Interest Rates Amid Economic Uncertainty

Trump Calls on Fed to Lower Interest Rates Amid Economic Uncertainty

Rising Trend: 1 in 5 Swedes Boycott American Brands

Rising Trend: 1 in 5 Swedes Boycott American Brands

U.S. Stock Markets Surge as Fed Holds Interest Rates Steady

U.S. Stock Markets Surge as Fed Holds Interest Rates Steady

Fed Holds Interest Rates Steady Amid Economic Uncertainty

Fed Holds Interest Rates Steady Amid Economic Uncertainty

Sweden's Finance Minister Pushes for Lower Food Prices Amid Talks

Sweden's Finance Minister Pushes for Lower Food Prices Amid Talks

Sweden's Economy Faces Higher Unemployment Despite Growth Signs

Sweden's Economy Faces Higher Unemployment Despite Growth Signs

Another Major Bank Raises Mortgage Interest Rates

Another Major Bank Raises Mortgage Interest Rates

European Inflation Revised Downward

European Inflation Revised Downward

Stockholm Exchange Sees Slight Gains Amid Mixed European Markets

Stockholm Exchange Sees Slight Gains Amid Mixed European Markets

More and more rush to declare

More and more rush to declare

Inflation Expectations Rise

Inflation Expectations Rise

Wallenberg does not believe in state rescue of Northvolt

Wallenberg does not believe in state rescue of Northvolt