OREANDA-NEWS. Magnitogorsk Iron & Steel Works (MMK), (one of) the largest Russian steel plant, and ENRC Marketing & Sales, the sales and marketing arm of Eurasian Natural Resources Corporation (ENRC) and) have announced signing a ten-year iron ore supply contract.

According to the press service of MMK, ENRC Marketing & Sales will supply iron ore from SSGPO (Sokolov-Sarbai Mining Production Association), a unit of ENRC.

MMK and SSGPO have enjoyed a close partnership since the establishment of SSGPO within the Soviet Union in the mid-1950s.

Under the terms of this new agreement, ENRC Marketing & Sales will supply iron ore concentrate, fluxed pellets and other iron ore materials to MMK for next ten years in the volumes agreed by the parties.

Pricing is based on international prices and allows price indexation for every contractual year.