|  | 17/09/2004 |
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JFE Steel Entered the Buy and Sell Agreement of Iron Ore with Rio Doce
JFE Steel announced on Thursday that it would enter the buy and sell agreement of iron ore with Rio Doce that is the iron ore biggest business in Brazil. JFE Steel can purchase the iron ore of 100,000 tonnes per year in 2007 by this contract. The contract term of the long-term contract concluded on September 7 is for 10 years since 2005, and Rio Doce increases the iron ore for JFE Steel by 2 million tonnes from the previous year to 7 million tonnes.
The amount of iron ore purchase of JFE Steel in 2003 is about 43 millions tonnes in total, and secures about 80% of it by the long-term buy and sells agreement with Rio Doce, Rio Tinto, and major supplier of BHP Billiton. In the region, about 80% of the whole is procured in Australia and Brazil.
In the situation, that the iron ore supply and demand is stringent worldwide and the scarcity of the high-quality iron ore resource rises, JFE Steel will secure a good resource in large quantities and a long term by this contract.
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 | JFE Steel Entered the Buy and Sell Agreement of Iron Ore with Rio Doce
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