Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Thursday 20th of November 2008
Monday, February 4, 2008

Rio Tinto to supply iron ore to Hyundai Steel

Rio Tinto to supply iron ore to Hyundai Steel

Rio Tinto and its joint venture partners have sealed long-term contracts to supply iron ore to Hyundai Steel, under which more than 40 million tonnes of iron ore from the Pilbara will be exported to the Korean producer over the next decade.

Hyundai Steel is Korea’s second largest steel maker and the world’s second largest electric arc furnace (EAF) producer.

Under the contracts, Hamersley Iron, Robe River and Hope Downs will commence shipments in 2009 ramping up to an annual total of 4.6Mt from 2012 to 2019.

Sam Walsh, chief executive of Rio Tinto Iron Ore, said the agreements marked the next stage in a relationship that had endured through most of the lifespan of the Pilbara iron ore industry. “Rio Tinto has enjoyed a long relationship with Korea, going back to our first shipment in 1973. These agreements with Hyundai Steel are the culmination of several years’ negotiations and open the next chapter in what has been a successful, mutually rewarding partnership.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Rio Tinto to supply iron ore to Hyundai Steel

Australia approves Chinalco investment in Rio Tinto PLC ...

BHP makes slow progress in Rio takeover approvals ...

Rio faces iron ore boycott by Chinese steelmakers ...

Rio Tinto acquires Alcan ...

Rio Tinto copper profits boosts ...

Latest Metals News:

Latest News  Copper prices fall on inventories, US housing data

Latest News  Copper, aluminium gain after early declines

Latest News  Gold drops half a dollar in New York

Latest News  Copper pares gains on US retail data

Latest News  Copper, aluminium inventories continue to climb

Latest News  Alcoa delays expansion at Wagerup and cuts production

Latest News  Platinum, palladium down on auto sector problems

Latest News  China’s stimulus plan sends most metals higher

Latest News  Western Areas reports on high grade nickel at Spotted Quoll

Latest News  Rio looks for Chinese joint ventures


Previous: « More gains in platinum prices
Next: NovaGold updates Galore Creek estimates »

Visited 748 times, 4 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):