South Korea's Hyundai Steel Company has disclosed that it has signed a contract with Brazil's CVRD to buy more than four million metric tons of iron ore annually for ten years starting from 2010.
The value of the deal was not given as the two companies will have to negotiate prices each year.
Hyundai Steel has been seeking a stable supply of iron ore for a steel mill project worth Won 5.24 trillion ($5.67 billion).
The steel mill will have a capacity of up to eight million metric tons a year when completed in 2011.