Daily Insight-State budget in 2M11; agrobusiness and steel narket news; Ferrexpo Eurobond placement

In February, the state budget had a UAH5.07bn (US$0.64bn surplus), which was higher than in any of the months of the previous year 2010. It was good news after January\'s deficit of UAH942m (US$118.2m). The resulting 2M11 state budget surplus stood at UAH4.1bn, which compares well with last year\'s deficit of UAH4.778bn in 2M10. The state budget revenue reached UAH26.35bn (US$3.3bn), or 43.6% above January\'s UAH18.35bn. Revenue for 2M11 reached UAH44.7bn, 44.5% higher than in 2M10. In particular, tax revenue, UAH39.2m, was 67% higher in 2M11 YoY.