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.