ESI signs purchase contract of iron ore pellet with Vale for 4 years
Emirates Steel (ESI) has signed a purchase contract of iron ore pellet with Vale, which will supply ESI's materials for the Abu Dhabi direct reduced iron plant until 2021. At present, the demand for ESI iron ore pellet was 6 million tons per year, and direct reduced iron was 4 million tons per year.
ESI said the company was committed to improving competitiveness, stable prices and a stable source of iron ore supply. The plan will help the company's steel production growth in Abu Dhabi, realizing the company's goal of becoming a world steel company, while achieving the goal of maximizing shareholder returns.
The Executive Director of Vale also said that the cooperation case will enable the two companies to form long-term partners to support the development of the Middle East steel industry.
