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Q3 2021 Interim Report LKAB's results send a clear message of strength for the future LKAB continues to deliver operating profit at a historically high level despite the iron ore price waning somewhat . Operating cash flow was the highest ever for a single quarter , putting the company in a stronger position from which to lead the transition of the iron and steel industry towards a sustainable future . Net sales for the third quarter increased by 37 percent and amounted to MSEK 12,744 ( 9,333 ) . Operating profit increased by 163 percent to MSEK 7,769 ( 2,955 ) and operating cash flow amounted to MSEK 7,430 ( 1,651 ) . Operations in the third quarter MSEK Net sales Operating profit / loss Net financial income / expense Profit / loss before tax Profit / loss for the period Costs for urban transformation provisions Operating cash flow Investments in fixed assets Depreciation Deliveries of iron ore products , Mt Proportion of pellets , % Production of iron ore products , Mt Return on equity , % Net debt / equity ratio , % Note 3,4 10 10 1 Platts IODEX 62 % Fe CFR North China . Q3 2021 12,744 7,769 234 8,002 6,355 LKAB INTERIM REPORT Q3 / 2021 -148 7,430 994 -778 6.3 80 6.7 Q3 2020 9,333 2,955 600 3,555 2,800 -963 -289 1,651 18,351 643 -797 2,382 -2,314 7.6 The production volume for the third quarter was affected mainly by extended maintenance shutdowns associated with corona measures in the spring , but despite this was on a par with the previous year and amounted to 6.7 ( 6.8 ) Mt. 82 6.8 The delivery volume , which was affected in the quarter by lower inventory levels and by a maintenance shutdown at the port in Narvik , was lower than the record delivery volume in the same quarter last year and amounted to 6.3 ( 7.6 ) Mt with the proportion of pellets at 80 ( 82 ) percent . Operating profit for the third quarter was 163 percent higher than in the same period last year and amounted to MSEK 7,769 ( 2,955 ) . Higher prices for highly upgraded iron ore products were offset by lower delivery volumes , a lower dollar exchange rate and higher costs . Q1 - Q3 Q1 - Q3 2021 2020 39,748 24,832 24,083 8,030 477 1,132 25,215 20,005 20.2 84 20.0 42.3 -20.4 8,506 6,677 ● -1,314 4,415 1,834 -2,269 21.4 85 20.3 18.6 3.2 Full year 2020 33,914 11,654 797 12,452 9,757 - 1,396 6,038 2,763 -3,136 28.5 84 27.1 20.8 LKAB -3.0 6.7 Mt Produced during the quarter 6.3 Mt Delivered during the quarter 80 % Percentage of pellets for the quarter The average global spot price¹ for iron ore products in the third quarter was USD 164 ( 118 ) per tonne , which was USD 36 lower than in the previous quarter . The price at the end of the quarter was USD 118 per tonne . Quoted pellet premiums for the quarter were around 170 percent higher than in the same period last year . Operating cash flow was strengthened by the high earnings and amounted to a record MSEK 7,430 ( 1,651 ) for the third quarter . • The return on equity was 42.3 ( 18.6 ) percent . • The net debt / equity ratio was -20.4 ( 3.2 ) percent . 1 ( 21 )