Brazilian steelmaker Companhia Siderurgica Nacional (CSN) has announced that its subsidiary CSN Mineração has signed a long-term agreement with Switzerland-headquartered international commodities producer and trader Glencore for the supply of iron ore.
Accordingly, CSN Mineração is to supply approximately 22 million mt of iron ore to Glencore over five years. Glencore will make a prepayment of $500 million to CSN Mineração once certain precedent conditions have been met.
Other details relating to the deal were not disclosed in the statement.