Metalloinvest switches to long-term contracts

The Russian steel and iron ore producer Metalloinvest Holding has decided to switch to long-term contracts for both export and domestic iron ore deliveries starting from 2007. Previously, Metalloinvest sold iron ore in the Russian domestic market based on short-term contracts, for a maximum period of one quarter of a year, while only export deliveries were conducted on long-term contracts. In 2007, the company is planning to conclude long-term contracts for a period of three to five years for export deliveries.