POSCO signs iron ore contract with CVRD

POSCO signs iron ore contract with CVRD

According to recent news in the market, South Korean steel producer POSCO has recently signed an iron ore contract worth $2.1 billion with Brazilian mining giant Companhia Vale do Rio Doce (CVRD). According to the deal signed, CVRD will supply 100 million mts of iron ore to POSCO from April 2005 till 2015. The previous iron ore agreement between the two companies, which expires in March 2005 covered supply of 36 million tons of iron ore and was valid for five years.