Nornickel's 2024 Net Profit Drops 37% Amid Sanctions and Lower Metal Prices

Published: Feb 12, 2025 17:21

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[Nornickel's Net Profit Declines in 2024] Nornickel, a leading global producer of refined nickel and palladium, recently stated that its net profit in 2024 declined by 37% to $1.8 billion due to Western sanctions and lower metal prices squeezing earnings. The company is expected to see a global nickel supply surplus of 150,000 mt in 2025. At the end of last month, Nornickel announced that its nickel production in 2025 would reach 204,000-211,000 mt, up 3% from the previous year. Its nickel production in 2024 was 205,000 mt, down 2% YoY but exceeding the earlier production forecast of 204,000 mt.

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