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News from the Import Industry

January 31, 2008

BHP Billiton, China's Baosteel Strike 10-Year Iron Ore Supply Agreement

SHANGHAI, China (AP) -- Anglo-Australian miner BHP Billiton Ltd. said Wednesday it has struck a 10-year iron ore supply deal with Baoshan Iron & Steel Co., China's biggest steel maker.

The agreement extends an existing 6 million-ton a year sales arrangement due to expire in March, BHP Billiton, the world's biggest mining company, said in a statement.

Under the deal, BHP Billiton and joint venture partners agreed to supply Shanghai-based Baosteel with a total of 94 million metric tons of iron ore over the next decade. The first shipment is due in April, it said.

"This is a significant quantity of iron ore and highlights our interest in keeping pace with high demand in China during a time when supply is tight," Tommy Schutte, BHP Billiton's president of marketing and supply, said in the statement.

The steel will be supplied "at a price to be mutually agreed each year," the statement said. The two companies have not yet agreed on a price for the coming year, a spokeswoman for BHP Billiton in China, Caroline Cai, said. She would not comment further.

Schutte said the deal will require BHP Billiton to invest heavily in expanding its mines, rail and port operations in western Australia, raising its production capacity to 300 million tons a year by 2015.

BHP Billiton owns an 85 percent stake in the Western Australia mine, part of a joint venture with Japan's Itochu Minerals & Energy Australia and Mitsui-Itochu Iron Ore Corp.

Billiton said the deal was unrelated to its so far unsuccessful, unsolicited offer for smaller rival Rio Tinto.

Baosteel earlier said it was "closely watching" developments in the standoff over BHP Billiton bid. Steel makers in China and other Asian countries have fretted that a combination of two of the world's largest miners into a single company would give the miners too much control over pricing and supply of iron ore.

The deal with BHP Billiton could ease some of those concerns.

"The new supply highlights our optimism about the long-term prospects for the steel industry in China," Baosteel's vice president Dai Zhihao said in the statement.

Wednesday January 30, 7:58 am ET
By Elaine Kurtenbach, AP Business Writer

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