Rana Gruber ASA: Publication of Annual Report and Sustainability Statement 2024

21 Mar 2025 07:00 CET

Mo i Rana, 21 March 2025 – Rana Gruber ASA has today 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 644 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.

Publication of the Reports
The full Annual Report and Sustainability Statement is attached to this
announcement and available on the company’s website: www.ranagruber.no

For more information, please contact:
Gunnar Moe, Chief Executive Officer: +47 941 47 650
Erlend Høyen, Chief Financial Officer: +47 902 02 741

About Rana Gruber
Rana Gruber is a Norwegian iron ore producer established in 1964, with
operations based on more than 200 years of mining experience. The company's
products are based on natural mineral resources, which are processed and
exported to customers worldwide. Key customers include steel producers and
participants in the chemical industry. The company has about 370 employees and a
production capacity of 1.8 million metric tons of iron ore concentrates.

More information:
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