Baosteel Signs Coal Deal with Rio

Baosteel has signed a three-year coking coal supply contract with major Australian miner Rio Tinto, the world's third biggest miner, to kick off new long-term cooperation for another key raw material. Rio Tinto will supply coking coal to the Chinese steel firm starting this year, making Baosteel its first long-term Chinese coal buyer. Rio supplies about 13.6 million mt/year of coal, ranking fifth in the world with a global market share of 5.7 percent.