Rio Tinto settles iron ore price with TKS

Rio Tinto announced on Friday that the Iron Ore Company of Canada reached agreement with German steelmaker ThyssenKrupp Steel AG (TKS) on prices for IOC Carol Lake iron ore pellets and concentrates for 2006 fiscal year. According to the deal, the price of Carol Lake Acid Limestone iron ore pellets will be decreased by 3.5 percent from 2005. On the other hand, the price of Carol Lake iron ore concentrate will be increased by 17.3 percent from 2005.