ArcelorMittal reaches pricing agreement with Sishen Iron Ore

ArcelorMittal South Africa, local South African unit of global steelmaking giant ArcelorMittal, has announced that it has reached a new interim pricing agreement with the South African iron ore producer Sishen Iron Ore Co. on the terms and conditions according to which Sishen will sell iron ore to ArcelorMittal South Africa from the Sishen Mine with effect from January 1, 2013.
 
According to the new pricing agreement, Sishen will supply a maximum annual volume of 4.8 million mt of iron ore to ArcelorMittal South Africa at a weighted average price of US$65/mt. The agreement will be valid for 12 months until December 31, 2013.