Ferrexpo Reports 37% Increase in 2011

Reuters reported Ferrexpo (LSE:FXPO) posted a 37 percent jump in 2011 core profit because of robust demand for iron.

As quoted in the market news:

The pellet producer has been reducing its dependence on its traditional European markets, where steelmakers have been battered by the debt crisis and falling consumer demand.

It said on Wednesday sales to Asia, mostly China and Japan, rose to 40 percent of its total from 27 percent in 2010, with traditional markets accounting for less than half of the total.

Click here to read the full Reuters report.