MercoPress. South Atlantic News Agency

Brazil's Vale and ArcelorMittal reach mega iron ore deal

Brazilian mining giant Companhia Vale do Rio Doce announced this week it agreed to supply 480 million tons of iron ore and pellets to ArcelorMittal the world's largest steel maker.

In a statement, Vale do Rio Doce said it had signed a 10-year agreement with ArcelorMittal to supply the 480 million tons to ArcelorMittal plants in Europe, Africa and the Americas.. According to Vale do Rio Doce, the agreements were "the largest ever signed between a steel company and an iron ore supplier" and were in line with the two companies' "desire to further strengthen their relationship." Vale do Rio Doce, headquartered in Rio de Janeiro, is the largest global producer and exporter of iron ore and pellets. The steel giant ArcelorMittal has 320,000 employees in more than 60 countries. Valehas signed long-term contracts with several of its clients in the past years as it seeks to create a steady stream of revenue. Last year it sealed contracts with clients in China and Abu Dhabi.