Mo i Rana, 21 March 2025 – Rana Gruber ASA has published its Annual Report and Sustainability Statement for 2024. The report highlights a year characterised by solid production, significant strategic progress, and attractive dividend distributions to shareholders, while the Sustainability Statement outlines the company’s ongoing commitment to environmental, social, and governance (ESG) initiatives.
CEO Gunnar Moe comments:
“2024 has been a year of strong operational performance and strategic advancements. Our focus on increasing the iron content in our products and reducing our carbon footprint uniquely positions us to support the global transition to more sustainable steel production. We are well-prepared for further growth in 2025.
Despite reduced activity in the European steel industry and softer iron ore prices compared to 2023, Rana Gruber has delivered strong financial performance throughout the year. Long-term development and profitability are key pillars of our strategy. Therefore, at the end of 2024, we launched our long-term ambition to achieve a cash cost per ton in the range of USD 50-55. This ambition will drive future profitability and strengthen our competitive advantage in a volatile market”
Key Highlights from the 2024 Annual Report:
- Record Production: Total production volumes increased to 1,848,000 tonnes, up from 1,817,000 tonnes in 2023.
- Financial Performance:
- Revenue of NOK 1,664 million (NOK 1,932 million).
- EBITDA of NOK 532.7 million (NOK 930 million).
- Adjusted Net profit of NOK 387 million (NOK 655 million).
- Attractive Dividend: NOK 9.24 per share distributed in 2024, corresponding to a 12% dividend yield based on the share price at the beginning of the year.
- Strategic Progress:
- Increased iron ore quality, with a clear target of reaching 65% iron content by the first half of 2025.
- Increased magnetite production with 50.9 per cent to 156 000 mt.
Key Highlights from the 2024 Sustainability Statement:
- Reduced Carbon Footprint: Carbon footprint per tonne of iron ore concentrate reduced to 6.14 kg, down from 7.17 kg in 2023, reinforcing Rana Gruber’s industry-leading sustainability profile.
- Circular Economy and Waste Reduction: The company achieved a 92.2% sorting rate, close to its target of 92.5%.
- Health and Safety: Continued focus on workplace safety with no serious injuries reported in 2024.
- Diversity and Inclusion: Female representation among employees increased to 17.6%, with a continued commitment to improving gender balance in the workforce.
Read the full Annual report and Sustainability Statement (Web)
Read the full Annual report and Sustainability Statement (Print)