Metalloinvest, Russia-based leading global iron ore and HBI (hot briquetted iron) producer, and Russian steelmaker Severstal have announced the signing of a three-year contract for the supply of iron ore. The contract stipulates a total volume of iron ore concentrate shipments of approximately 3 million mt and provides for, among other terms, the supply of dry iron ore concentrate during winter periods.
The pricing for the supplied products will be in line with market indicators, while the applied formula will take into account the dynamics of world market prices for iron ore products.
Lebedinsky GOK, part of Metalloinvest, will supply the iron ore concentrate to Cherepovets Steel Mill, which is part of Severstal Russian Steel.
In the 2011-2012 period, Metalloinvest signed long-term supply contracts with Russian steelmakers NLMK and MMK.