Hyundai Wins Iron Ore Shipment Contract

13 April 2010 (Last Updated April 13th, 2010 18:30)

Hyundai Merchant Marine has signed a $315m contract with China's Hebei Steel Group to transport iron ore for next 15 years. Under the contract, Hyundai, in cooperation with China's ShangDong Far East Marine Group, will deliver 23 million tons of iron ore totalling 1.5 million tons annua

Hyundai Merchant Marine has signed a $315m contract with China’s Hebei Steel Group to transport iron ore for next 15 years.

Under the contract, Hyundai, in cooperation with China’s ShangDong Far East Marine Group, will deliver 23 million tons of iron ore totalling 1.5 million tons annually from Brazil and Australia to Hebei Steel Group, according to xinhuanet.com.

The South Korean logistics company expects the contract to earn $21m in annual sales which would add up to $315m over the next 15 years.

Hyundai said China has the largest steel market in the world, and it will continue to expand the business there.