Posco: Still In Iron Ore Talks With BHP, Rio Tinto, Vale
May 20 2009 - 10:04PM
Dow Jones News
South Korea's Posco (005490.SE) said Thursday it is still in
talks with the three major iron ore suppliers to decide on iron ore
contract prices for the year starting April.
The three suppliers are BHP Billiton Ltd. (BHP.AU), Rio Tinto
Ltd. (RIO.AU) and Brazilian mining giant Companhia Vale do Rio Doce
(RIO), or Vale.
"We have yet to conclude the talks with the three iron ore
suppliers," Posco spokesman Choi Doo-jin said.
The deadline for the talks is September, said the world's
fourth-largest steelmaker by output.
Last month, Y.T. Kwon, senior executive vice president of
Posco's raw material procurement department, said the company had
asked suppliers to cut iron ore prices by 50%.
-By Kyong-Ae Choi, Dow Jones Newswires; 822-2198-2236;
kyong-ae.choi@dowjones.com