Cliffs Natural Resources Inc. announced on Thursday that it has entered into an agreement with Essar Steel Algoma Inc. to extend the iron ore pellet sale and purchase agreement between the two companies to 2024.
The previous agreement with Essar Steel Algoma was expected to expire in 2016. The new agreement includes Essar's minimum volume iron ore pellet purchases from Cliffs beyond 2016 and pricing for 2013 through 2024. Only the Tilden Mine will be impacted by this agreement.
Today Cliffs announced an extension of its iron ore pellet sales contract with Essar Steel Algoma Inc. to 2024.... http://t.co/f7tbxa4xblâ?? Cliffs (@CliffsNR) June 13, 2013
"We are pleased to announce the negotiated extension of our sales contract with Essar. We believe the extension of this contract demonstrates the quality and reliability of our product offering. The long-term stability of our U.S. Iron Ore business segment remains an important cornerstone of Cliffs' business and we are pleased to be supplying a valued customer like Essar for many years to come," said Donald J. Gallagher, Cliffs' president â?? global commercial.