JOHANNESBURG (miningweekly.com) – New York-listed companies Cliffs Natural Resources and AK Steel on Tuesday entered a new long-term agreement extending the supply of iron-ore pellets until 2023.
The agreement, effective 2014, outlined minimum and maximum volume iron-ore pellet purchased by AK Steel.
A pricing mechanism for the volumes sold had also been set under a formula-based pricing mechanism, with the yearly price taking into account multiple factors such as seaborne pricing for iron-ore and certain producer price indices.
Cliffs would continue iron-ore pellet supply to AK Steel for the remainder of the year under a previous arrangement.