ArcelorMittal signs new long-term iron ore contracts with Vale

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Apr 2008

ArcelorMittal yesterday announced that it has signed new long-term contracts with Vale (Companhia Vale do Rio Doce) to supply iron ore and pellets to its plants in Europe, Africa and the Americas. Under these long-term contracts, which are the largest ever signed between a steel company and an iron ore supplier, Vale will supply approximately 480 million tons of iron ore and pellets to ArcelorMittal plants over the next ten years.
Commenting, Mr Davinder Chugh, recently nominated to the company's Group Management Board, with responsibility for shared services, said:
"This is an important agreement for ArcelorMittal as it ensures that we have the required levels of iron ore to operate our steel plants fully in line with current global demand. Additionally the company has 45% captive iron-ore self-sufficiency, with plans to increase this further to 75%."

Source: Arcelor Mittal