China Metallurgical News reported that Anshan Steel inked 10 year, USD 233m iron ore transport COA contract with STX Group on July 10th forming a further cooperation based on their memorandum of 2007.

According to the agreement, STX, one of the world top 5 in ship industry, will ship 1.7 million tonnes of iron ores per year from Brazil and Australia to the steelmaker.

Under the present situation that steel prices rebound in China and stabilize in the world, the steelmaker made the agreement for long-term consideration of reducing costs and insuring the ore supply for its newly-built Bayuquan works.

As per report, launched in 1976 STX Group is one of Korean’s representative multi-national corporations, and mainly deals with businesses like shipping, logistics, shipbuilding, machinery, energy and construction, which respectively in the charge of its 8 key subsidiaries. And STX Pan Ocean is the key part of the group to engage in shipping businesses.

(Sourced from China Metallurgical News)