Madam Xie Qihua, chairwoman & president of Shanghai Baosteel Group Corporation and Mr. Roger Agnelli, CEO of Brazil-based Companhia Vale do Rio Doce (CVRD) have signed a long-term agreement for the supply of iron ore.
In 2001, Baosteel and CVRD had signed a 20-year agreement for the supply of 6 million tons of iron ore yearly. The new agreement, covering the period of 2006-2016, provides that CVRD will supply Baosteel with an additional 14 million tons of iron ore annually. Together the two agreements commit CVRD to supply a total of 20 million tons annually until 2010.
