Baosteel inks long-term transport deal with NYK
Shanghai based Baoshan Iron and Steel Group (Baosteel) signed a 12 year contract with major Japanese shipping company Nippon Yusen Kaisha (NYK) to transport iron ore from Brazil to China beginning in 2006. The contract states that approximately 600'000 tons of iron ore per year will be transported from Brazil to China for a period of 12 years. Shipments will start from the beginning of the first half of 2006. The agreement between NYK and Baosteel is the second long-term contract to be established between the two companies. In 2003, NYK and Baosteel entered into a 10-year contract for shipments of iron ore from Western Australia. Baosteel produced 21.5 million tons of crude steel in 2004.