CVRD signs iron ore deal with Shougang and JFE

CVRD signs iron ore deal with Shougang and JFE

According to the statement released by Brazilian mining giant Companhia Vale do Rio Doce (CVRD), the company signed a long-term iron ore deal with Chinese steel producer Shougang Group. According to the deal, CVRD will supply 11.3 million tons of iron ore to Shougang from 2004 to 2012. CVRD had previously signed a deal with Shougang to supply 4.4 million tons of iron ore from 2004 to 2008. With the recent deal, CVRD will supply a total of 15.7 million tons of iron ore to Shougang from 2004 to 2012. CVRD has signed another iron ore deal with Japanese steel producer JFE Steel. In line with the deal, CVRD will supply 10 million tons of iron ore to JFE Steel for ten years beginning from the fiscal year ending March 2006.