Cliffs Natural Resources announced Tuesday that it has entered a nine year agreement to provide iron ore pellets to AK Steel. The new agreement runs from 2014 through 2023. Cliffs will continue to supply AK Steel under its previous agreement from now until 2014.
The new agreement sets minimum and maximum volume purchases from Cliffs and provides a formula-based pricing mechanism where the annual price is adjusted to reflect iron ore pricing and producer price indices.
“We are pleased to announce this long-term supply agreement and the extension of the previous contract with our valued customer, AK Steel,” said Cliffs President Donald J. Gallagher. “Our U.S. Iron Ore operations will continue to be a reliable supplier of high-quality iron ore pellets to AK Steel for many years to come.”
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