Iron ore price negotiations - POSCO confirms deal with Rio Tinto - 02 Jul, 2008
South Korean steel firm POSCO said that it had agreed to pay Anglo-Australian mining giant Rio Tinto at least 80% more for iron ore supplies.
POSCO said the deal with Rio Tinto was effective from April 1st 2008 and involved paying 80% more for one type of ore and 96.5% more for another type.
Ms Ko Min Jin a spokeswoman of POSCO told AFP that "We are still in talks with BHP Billiton of Australia on a price increase.”
In February POSCO, the world's fourth largest steelmaker, agreed to a 65% increase in iron ore contract prices with Brazil's Companhia Vale do Rio Doce.
