Chinese Hubei Province-based steelmaker Wuhan Iron & Steel Company (WISCO) signed a direct iron ore supply contract with Australian iron miner BHP Billiton on November 16, 2007.
According to the contract, BHP Billiton will supply 6.5 million metric tons of iron ore to WISCO in the fiscal year 2007 (April 2007-April 2008). It is stated that the agreement has been signed at a price lower than the current market prices.
Meanwhile, BHP Billiton said they were still continuing their efforts to buy a stake in Rio Tinto, another major Australian iron miner.