Corus, Vale in pact for supply of iron ore

by Dave

Tata Steel has said that its European subsidiary Corus has entered into a long-term contract with Brazilian miner Vale to secure supplies of about 63 million tonnes of iron ore for a period of five years.

The contract would come into effect in 2009, Tata Steel said in a statement here.
“We are pleased to have reached this important agreement with Vale. This contract complements the raw material strategy for Tata Steel Group’s European operations of combining external sources with future captive supplies,” Corus CEO Philippe Varin said.