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14. April 2010

Hyundai Merchant inks 15 year iron ore transportation deal with Hebei Steel

Xinhua reported that South Korea's second largest shipper Hyundai Merchant Marine Co in partnership with a Chinese local firm, announced that it has signed a deal worth USD 315 million with China's Hebei Steel Group to transport iron ore for the next 15 years.

The deal calls for Hyundai Merchant and China's ShangDong Far East Marine Group to deliver a total of 23 million tonnes of iron ore, including 1.5 million tonnes annually from Brazil and Australia, to China by 2025 for the Hebei Steel Group.

It added the deal could bring in USD 21 million in annual sales, which add up to a total of USD 315 million over the next 15 years for the South Korean company.

Hyundai Merchant said in a statement “China has the largest steel market in the world, and we will continue to expand our market presence there.”

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