By IANS,
New Delhi : The Indian government Thursday renewed long-term agreements to supply iron ore to international steel majors like Japanese Steel Mills (JSMs) and South Korean firm POSCO.
The decision was taken by the union cabinet at its meeting Thursday morning.
“Union cabinet has authorised MMTC (Minerals and Metals Trading Corporation) to supply iron ore content to Japanese Steel Mills (JSMs) and POSCO of South Korea for another three years under long term agreements (LTAs) entered into by MMTC earlier,” said an official statement.
According to the statement, the state-run MMTC is to supply iron ore lumps and fines 64 percent plus Fe grade content to both the firms from 2011 till 2014.
Earlier, MMTC had entered into long-erm agreements with JSM, POSCO and Chinese Steel Mills in 2006, which expired on March 31.
The decision comes after JSMs requested MMTC to renew the agreements with effect from April 1, added the statement.