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

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.