NEW YORK — Essar Steel Minnesota LLC says it has entered into a long-term iron ore pellet offtake agreement with ArcelorMittal USA Inc.
The agreement will last for 10 years, starting from the second half of Essar Steel Minnesota’s fiscal year ending March 31, 2014.
Under the terms of the deal, Essar will supply 3.5 million tonnes per year of standard and fluxed iron ore pellets to ArcelorMittal’s North American operations.
"This offtake agreement is consistent with our strategy of securing long-term supply of critical raw materials within the region and it provides material that meets the stringent standards of our blast furnaces," said John Brett, vice president for finance, planning and procurement at ArcelorMittal USA.
Essar Steel Minnesota is building an iron ore mine, concentrator and 7-million-tonne-per-year iron ore pellet plant.
A version of this article was first published by AMM sister publication Steel First.