The Russian steel and iron ore producer Metalloinvest Holding (Metalloinvest) and South Korean steel producer Hyundai Steel signed a memorandum of understanding (MoU) during their meeting on February 28.
The MoU stipulates the strengthening and expansion of the partnership between the companies and also a switch from supplier-consumer relations to a strategic partnership.
In addition, the companies agreed to increase the amount of iron ore supplies from Metalloinvest to Hyundai Steel.
Currently, Metalloinvest supplies Hyundai Steel with hot briquetted iron (HBI) from Lebedinsky GOK. The first lot amounting to 12,000 metric tons was shipped to Hyundai Steel in December 2006. Since then, Metalloinvest has been supplying HBI to the South Korean steel producer on a monthly basis.