The Russian iron ore and steel producing group Metalloinvest Holding (Metalloinvest) has inked a long-term contract with the world's largest steelmaker ArcelorMittal for the supply of iron ore over a period of five years.
In line with the deal, Metalloinvest will supply 10 million mts of iron ore concentrate and iron ore pellets a year to ArcelorMittal plants in Eastern Europe and Kazakhstan.
Metalloinvest is expected to produce approximately 36 million mts of iron ore this year.
Moreover, the Russian company is reported to be in talks with U.S. Steel for a similar contract.