Ukrainian Journal cited Mr Gavin Macka, business development manager at Switzerland's Ferrexpo Plc, which owns Poltava Mining Mill, as saying that the international metals market has bottomed out and started showing signs of recovery.

He said in an interview with Interfax-Ukraine last week that "As for the metals sector, the situation has reached the deepest bottom in the crisis. The low demand for our products in Europe and Ukraine, which has now started improving, is evidence of this. In late 2008, there was no demand on the domestic market at all."