CVRD and NSC sign iron ore deal

CVRD and NSC sign iron ore deal

According to recent news in the market, Brazil's iron ore giant Companhia Vale do Rio Doce (CVRD) and Japanese steel producer Nippon Steel Corporation (NSC) signed a long term deal for the supply of 70 million tons of iron ore. The deal is valid for the period between 2005 and March 2015, end of Japanese 2014 fiscal year. Through this deal, NSC aims to eliminate risk of raw material shortage. Moreover, the deal signifies the importance of the long term relationship between CVRD and NSC.