CSN to sell iron ore to CVRD

CSN to sell iron ore to CVRD

Brazilian steel producer Companhia Siderurgica Nacional (CSN) reportedly signed an agreement worth $2 billion to supply iron ore to Companhia Vale do Rio Doce (CVRD) from CSN's new Casa de Pedra mine. In line with the deal, CVRD will purchase 54.7 million metric tons of iron ore over the next 10 years an three months from CSN's mine. CVRD will ship this raw material to its customers in Asia. Casa de Pedra's annual iron ore production capacity is expected to reach 40 million tons by 2007.