Metalloinvest has announced the signing of an iron ore supply contract with ArcelorMIttal, the world’s leading steel and mining company, until April 2016.

The agreement provides for total supplies of more than two million tons of iron ore concentrate which will be utilized at the group’s European operations.

The product pricing will take into account current market prices, as well as global market price trends for iron ore.

Andrey Varichev, CEO of Management Company Metalloinvest, commented: "Metalloinvest’s products enjoy stable demand in Russia and abroad due to their premium quality and the Company’s reputation as a reliable supplier. The use of modern technologies, constant efforts to improve production efficiency and the development of long-term partnership agreements with our clients allows the Company to maintain its competitiveness."

The signing of a new medium-term contract will ensure stable mining product sales for Metalloinvest’s enterprises.