MMTC to supply iron ore to Japan mills, Posco for 3 more yrs

New Delhi : The government today gave the nod for state-owned MMTC to extend its long-term agreements for supply of iron ore to Japanese Steel Mills (JSMs), South Korean steel giant Posco and Chinese steel mills for three years till 2014.

The proposal to permit MMTC to renew the long-term agreements for supply of iron ore was approved by the Union Cabinet, Information and Broadcasting Minister Ambika Soni told reporters here after the Cabinet meeting.

The long-term agreements (LTAs) for supply of iron ore for five years (2006-11) expired on March 31, 2011, and the Japanese steel mills had formally requested MMTC to renew the agreements with effect from April 1, 2011.