"In mining, Ferrexpo remains our top pick on strong industry positioning, a solid balance sheet and attractive valuation," said analyst Yulia Chekunaeva. "Global miners have de-rated more than their steel peers over the past 11 months; we see this as unjustified given our constructive outlook on commodities and the resulting improvement in earnings momentum that we expect for miners." The broker sees limited scope for further earnings deterioration and believes the de-rating offers an attractive entry point for investors. "We reiterate our 'buy' rating on the stock."