Guy Konsbruck, chief executive, wrote: “The unforeseen challenges in the South African assets were exacerbated by the lower average ferrochrome benchmark prices.
“These factors led to the group posting poor results when compared to the record performance for 2017."
Afarak had particular problems with its Mogale plant, which was affected by technical problems including stoppages and low-quality ore.
Corrective measures were taken and a return to growth was management’s objective, he added.
Revenues in 2018 were €194mln compared to €198.8mln in 2017, while the company reported an €18.6mln loss for the year, versus a €6.7mln profit.