Norilsk Nickel increased nickel exports by 190% in 2022 – Kommersant
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Nornickel Company (MOEX: GMKN) earned $16.9 billion in 2022 and became the least loser in the non-ferrous metals industry at the end of the year. The publication draws attention to this Forbes.
According to the Federal Customs Service (FCS), against the backdrop of rising nickel prices, the company increased exports of the metal and its products to $5.8 billion (+190%) in 2022. The cost of three-month futures on the London Metal Exchange (LME) over the past year increased from $20.9 thousand per ton to $32.2 billion per ton.
Norilsk Nickel’s consolidated revenue for 2022 amounted to $16.9 billion, which is 5% less than a year earlier. This, as Forbes writes, is due to lower prices for copper and platinum.
At the end of 2022, the company increased nickel exports to the EU countries by 4.3% (to 61.3 thousand tons) compared to the previous year. This region accounted for the bulk of Norilsk Nickel’s sales (47%). The company’s sales to Asia amounted to 31%, to North and South America – 15%, to Russia and the CIS countries – 7%.
In the first half of 2023, the company’s revenue from non-ferrous metals decreased by 21% and amounted to $6.8 billion. The drop in revenue, according to Forbes, is associated with a fall in exchange prices for metals.
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