Cleveland-Cliffs amends pellet contract
According to the statement released by
North America's largest
iron ore pellet producer Cleveland-Cliffs, the company has amended its pellet sale and purchase agreement with International Steel Group (ISG) for pellet deliveries to ISG Cleveland and ISG Indiana Harbor through 2016.
The amendment was necessary due to steel price volatility. The amendment will increase the base price of pellet to better reflect current market prices.