Fortescue announces additional sales agreements
Australia's Fortescue Metals Group Ltd announced additional sales agreements with six different steel producers. In line with the deals, Fortescue will supply a total of 8 million tons of iron ore annually. With these sales agreements, Fortescue's annual supplies from the beginning of the year will reach 25 million tons, accounting 56 percent of the company's initial planned production of 45 million tons for the current fiscal year. The agreements signed with six companies will remain in effect for ten years. Although the names of six companies are kept confidential, Fortescue disclosed that three of these companies are among China's top 25 steel producers.