Afarak group’s chief executive said the company had enjoyed the best year in its history in 2022, something that enabled the specialist metals producer to repay all of its long-term debt.
Guy Konsbruck added: “Afarak can now count on a strong balance sheet to pursue future growth and diversification opportunities”.
The South Africa-based ferrochrome miner reported a surge in revenues in the second half of 2022 to €107mln and making €199mln for the full year, or more than double the previous year's €80mln.
Profits for the year jumped to €47.6mln from €9mln, helped by stronger metal demand and higher prices.
During the year, speciality alloys turnover rose by 11% while tonnage mined jumped by 28.5%.
Afarak added that demand for stainless steel, where ferrochrome is used to resist rust, is expected to rise by 3% in 2023, while the recovery in air travel is boosting sales of specialised alloys for new planes.