Russian firms Metalloinvest and Magnitogorsk Iron & Steel Works (MMK) have signed a long-term iron ore supply agreement for a period of three years.
Under the terms of the agreement, Metalloinvest will supply iron ore from its Mikhailovsky mining and processing plant to MMK.
Both the firms have agreed on pricing for the raw material based on current market indicators and price dynamics on the global iron ore market.
Metalloinvest general director Eduard Potapov said that such agreements are critical for the firm's long-term planning, which includes production, sales and investment.
MMK CEO Boris Dubrovsky said that the products purchased from Metalloinvest will ideally fit the firm's blast furnace technology and will improve financial performance.