<p>Hyundai Steel has locked in contracts for more than 40m tonnes of iron ore from the Pilbara until the end of 2019 under a deal signed with Rio Tinto and its partners last week (Friday, February 1).</p> <p>The deal guarantees Hyundai, Korea’s second largest steelmaker, a 10-year supply from 2009, with volumes ramping up to 4.6m tonnes a year from 2012. </p> <p>The contract involves ore from the Hamersley Iron, Robe River and Hope Downs mines.</p> <p>Hyundai is also the world’s second largest electric arc furnace producer.</p> <br />
Hyundai locks in 10-year iron ore supply from Rio
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