Jinan-based Chinese steelmaker Shandong Iron and Steel Group (Shandong Steel) has signed a new long-term contract with Australian
iron ore miner
BHP Billiton for supplies of
iron ore. Zhou Zhongchen, board director, and Chen Xiangyang, deputy general manager, signed on behalf of Shandong Steel.
BHP Billiton's annual
iron ore output capacity is expected to reach 205 million mt at end of 2011, and in future may reach 300 million mt.