Corus signs iron ore supply agreement with CVRD

Corus signs iron ore supply agreement with CVRD

Recent industry news reveals that Anglo-Dutch steel producer Corus has recently signed an agreement with Brazil's iron ore giant Companhia Vale do Rio Doce SA (CVRD) regarding iron ore supply. The validity of the agreement is determined as 10 years, on the condition that both parties will have the right to terminate the agreement after five years. With the agreement, CVRD will become the largest iron ore supplier of Corus. The new agreement will replace the existing 3-year contract and will double the current iron ore supply of 5 million tons.