CVRD and Sumitomo sign iron ore deal

CVRD and Sumitomo sign iron ore deal

According to the statement released by Brazilian mining giant Companhia Vale do Rio Doce (CVRD), the company has signed a ten-year contract with Japanese steel maker Sumitomo Metals to supply 2 million tons of iron ore to the Japanese producers per annum. The agreement is expected to strengthen the relations between the two companies. As previously reported by SteelOrbis, CVRD has many contacts with major steel producers in the world. These contracts aim to eliminate risk of raw material shortage for steel industry.