Posted at: 06/13/2013 4:02 PM
Cliffs Natural Resources announced 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 was expected to expire in 2016.
The Agreement includes Essar's minimum volume iron ore pellet purchases from Cliffs beyond 2016 and pricing for 2013 through 2024.
Donald J. Gallagher, Cliffs' president — global commercial, said, "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."