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Ferrexpo gains on new markets
Ukrainian iron ore miner Ferrexpo posted a 37 per cent jump in 2011 pre-tax profit to $801m (£510.8m) yesterday, at the higher end of expectations, thanks to robust prices for the key steelmaking ingredient and an increase in Asian sales that offset softer European demand. The London-listed pellet producer has been reducing its dependence on its traditional European markets.