Rio Tinto signs supply agreements with Hyundai Steel

Rio Tinto has finalised long-term contracts to supply iron ore to Hyundai Steel. Under the agreements, over 40mn tonnes of iron ore from Pilbara in Australia will be exported to the Korean producer over the next 10 years.

Hamersley Iron, Robe River and Hope Downs will commence shipments in 2009. Hyundai Steel is Korea's second largest steel maker, and the world's second largest electric arc furnace producer.

"Rio Tinto has enjoyed a long relationship with Korea, going back to our first shipment in 1973. These agreements with Hyundai Steel are the culmination of several years "negotiations and open the next chapter in what has been a successful, mutually rewarding partnership,” comments Sam Walsh, chief executive of Rio Tinto Iron Ore.