Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Nippon Steel and Rio Doce Reach Basic Agreement on Long-term Iron Ore Supply

May 18 2004

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Nippon Steel Corporation (President: MIMURA Akio) and Companhia Vale do Rio Doce (President: Roger Agnelli, Head Office in Rio de Janeiro, Brazil) reached a basic agreement on the conclusion of a long-term contract (10 years, total 70 million tons) for the supply of iron ore from CVRD.

CVRD, the world's largest iron ore supplier, is in the process of promoting the development and expansion of iron ore mines in Brazil to meet the worldwide demand for iron ore resulting from the increased demand from China and other countries.

Apart from this long-term contact, Nippon Steel entered into a five-year contract for the supply of 2 million ton-per-year Nibrasco pellets with CVRD and a three-year contract for the supply of 2 million ton-per-year MBR iron ore with MBR. In other words, Nippon Steel purchases a total of approximately 11 million tons of iron ore and pellets a year from Brazil as a whole.

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