Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that it has signed its first long-term contracts to supply hot briquetted iron (HBI) to Russian metallurgical companies, Magnitogorsk Iron and Steel Works (MMK), TMK and ChelPipe Group, for a period of one year.
According to the agreement, Metalloinvest will deliver 200,000 mt of HBI to MMK, 220,000 mt to TMK and 150,000 mt to ChelPipe.
Metalloinvest also stated that it is completing the construction of the third hot briquetted iron plant (HBI-3) at its subsidiary Lebedinsky GOK. The new facility, which has a designed production capacity of 1.8 million mt, will be one of the largest in the world. The launch of the HBI-3 plant, which is planned for the end of 2016 or the beginning of 2017, will enable the company to strengthen its position in the global market for high added-value metalized products.