Tanggang receives first iron ore shipment from FMG

June 15, 2008

June 15th (Steel Guru) – Interfax China reported that Northern China’s Tangshan Iron and Steel Group has received its first shipment of 170,000 tonnes of iron ore from Fortescue Metals Group.

Mr Li an official with Tanggang’s iron ore import department said “We have entered into a long term agreement with FMG which will result in total shipment of about 140 million tonnes to 150 million tonnes of iron ore over 10 years.”

Despite the recent merger of Tanggang and Handan Iron and Steel Group, Mr Li said that the 150 million tonne FMG iron ore contract will only supply Tanggang.

FMG is set to export 25 million tonnes of iron ore to China this year, and aims to become the world’s fourth largest iron ore producer and exporter following Vale of Brazil and Australian based BHP Billiton and Rio Tinto.

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