Fortescue inks additional agreements

Fortescue inks additional agreements

Australia's Fortescue Metals Group Ltd announced additional sales agreements with five steel producers. In line with the deals, Fortescue will supply a total of 5 million tons of iron ore annually. The agreements will remain in effect for a 10-year period. The steel mills signing the subject agreements are kept confidential. With these sales agreements, Fortescue's annual supplies from the beginning of its current fiscal year will reach 30 million tons, accounting 67 percent of the company's initial planned production of 45 million tons for the current fiscal year.