Shougang Group inks deal with Honbridge Holdings for iron ore supplies

Friday, 01 April 2011 16:13:42 (GMT+3)   |  
       

Major Chinese steelmaker Shougang Group has inked an iron ore supply agreement with Hong Kong-based investment company Honbridge Holdings Ltd.
 
According to the deal, Shougang Group will receive 10 million mt of iron ore fines annually from Brazilian miner Sul Americana de Metais S/A over a period of 15 years. The agreement also involves a prepayment by Shougang Group of $1.5 billion.

Last year, Honbridge Holdings acquired 100 percent of Sul Americana de Metais (SAM) from Brazil-based Votorantim Novos Negocios (VNN) for a price of $390 million.


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