NEW YORK Cliffs Natural Resources Inc. has extended its iron ore pellet sales contract with Sault Ste. Marie, Ontario, flat steel producer Essar Steel Algoma Inc. to 2024. The agreement had been due to expire in 2016.
The agreement covers Essars minimum-volume iron ore pellet purchases from Cliffs beyond 2016 and pricing for 2013 through 2024.
"We believe the extension of this contract demonstrates the quality and reliability of our product offering," Donald Gallagher, global commercial president of Cleveland-based Cliffs, said in a statement June 13. "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."
A version of this article was first published by AMM sister publication Steel First.