CVRD concludes iron ore deal with POSCO

CVRD concludes iron ore deal with POSCO

Brazilian mining giant Companhia Vale do Rio Doce (CVRD) reached an agreement with South Korea's steel producer POSCO on new iron ore prices. In line with the statement made by CVRD, POSCO agreed to a price increase of 71.5% for Southern System and Carajas fine ores. The deal is similar to the one reached between CVRD and Japanese steel producer Nippon Steel Corp (NSC). Moreover, under the long-term agreement between POSCO and CVRD, POSCO will buy 12 million tons of iron ore from CVRD in 2005.