BHP Billiton compromises with Nippon Steel

BHP Billiton compromises with Nippon Steel

Australian steel producer BHP Billiton has recently announced that it has reached an agreement with Nippon Steel for an increase in the prices of lump ore and fine ore, to be in effect as of April 1, 2004. Accordingly, the increase of 18.62% will be effected on the prices of both Mt Newman High Grade Lump and Mt Newman High Grade Fines, taking the prices up to $45.93 and $35.99 per dry metric ton units, respectively. As recently reported by SteelOrbis, Rio Tinto has also reached an agreement with Nippon Steel for a price increase of iron ore.