Finland-based steel producer
Ruukki has announced that it has signed a long-term, three-year contract for
coking coal and iron pellet supplies with
Severstal Resources, a division of the Russian steelmaker
Severstal.
The contract that will cover up to around 20 percent of
Ruukki's
coking coal and iron pellet requirement enables
Ruukki to reduce its dependency on distant
coking coal sources and diversify the markets from which the company purchases raw materials. Pellet deliveries will begin this month, while deliveries of
coking coal will begin in July.
Ruukki sources most of the iron pellets it needs from the Swedish company LKAB and buys
coking coal on the global market from the US, Canada and Australia.