Ferrexpo PLC (FXPO.LN), a U.K.-listed, Swiss-registered iron ore miner with operations in Ukraine, Friday said its fourth quarter iron ore production was up 24.3% to 7.66 million metric tons year-on-year.

Ferrexpo's iron ore production in the fourth quarter of 2008 was 6.16 million tons.

"Slow but steady recovery in European steel markets and the quality of our customer relationships are highlighted by the fact that we have been able to switch our sales back to our portfolio of long term contract customers," the company's Chief Executive Kostyantin Zhevago said. The company, which has been producing at full capacity since March 2009, said it traded profitably throughout 2009.

In 2009, Ferrexpo's iron ore production was up 2.8% to 28.55 million tons, from 27.76 million tons in 2008.

The company's fourth quarter production of pellets from its own raw materials was 2.24 million tons, from 1.84 million tons in the same period of 2008. Pellets production for the full year was flat at 8.61 million tons.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9192; Alexander.Kolyandr@dowjones.com
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