Posted at: 08/27/2013 6:05 PM
Cliffs Natural Resources has reached an agreement with AK Steel to supply iron ore pellets from 2014 through 2023, Cliffs announced Tuesday. Cliffs was already supplying AK Steel with iron ore pellets under an agreement that runs through 2014.
In a prepared statement, Donald J. Gallagher, Cliffs' president — global commercial, said, "We are pleased to announce this long-term supply agreement and the extension of the previous contract with our valued customer, AK Steel. Our U.S. Iron Ore operations will continue to be a reliable supplier of high-quality iron ore pellets to AK Steel for many years to come."
The agreement sets minimum and maximum levels of ore to be delivered to AK Steel and provides a mechanism to determine the annual price.