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POSCO AGREES TO PAY RIO TINTO 80 PCT MORE FOR IMPORTED IRON ORE.
SEOUL, July 1 Asia Pulse -- POSCO (KSE:005490), the world's fourth-largest steelmaker, said Tuesday that it has agreed to pay Australian miner Rio Tinto (ASX:RIO) 80 per cent more for iron ore supplies, heralding another increase in steel prices.
The deal, retroactive to the contract that began on April 1, follows a February agreement with Brazilian mining company Vale under which the South Korean steelmaker agreed to pay 65 per cent more for iron ore.
POSCO said it is still in talks with another Australian miner, BHP Billiton, for an increase in prices of iron ore.
Shares of POSCO were trading at 544,000 won on the Seoul bourse as of 11:17 a.m., unchanged from the previous session's close.
Prices of iron ore, from which ...
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Source: HighBeam Research, POSCO AGREES TO PAY RIO TINTO 80 PCT MORE FOR IMPORTED IRON ORE.