South Korea’s Hyundai Steel, has signed a term deal with Australian miner Rio Tinto to receive at least 1 million tons of coal per year, the country’s second-largest steelmaker said on Friday.
The contract for coking coal, used in steel production, will be valid from April 2009 to March 2019, a Hyundai Steel spokeswoman said. The steelmaker has a similar deal with another Australian firm, Wesfarmers Ltd, for 500,000 tons of coal per year from April 2009 to 2014.
Hyundai Steel aims to secure about 90% of its coal needs by sealing major coal contracts within the Q3, the spokeswoman said. (The Economic Times)