SMM7: Brazilian steel company (CSN) recently said it had signed a third iron ore supply contract with Glencore.
CSN said its subsidiary CSN Mineracao would supply 4 million tonnes of iron ore at a price of $115 million over five years. CSN said the deal allowed flexibility on both sides. The company says CSN can increase supply if needed.
CSN said the deal could be completed as long as certain undisclosed conditions were met.
The steelmaker said the deal was a step towards a healthier and more sustainable capital structure and was part of its debt reduction plan
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