Hyundai Steel signs coal contract with Rio Tinto

SEOUL: South Korea's Hyundai Steel, has signed a term deal with Australian miner Rio Tinto to receive at least 1 million tonnes of coal per year, the country's second-largest steelmaker said on Friday.

The contract for coking coal, used in steel production, will be valid from April 2009 to March 2019, a Hyundai Steel spokeswoman said. The steelmaker has a similar deal with another Australian firm, Wesfarmers Ltd, for 500,000 tonnes of coal per year from April 2009 to 2014.

Hyundai Steel aims to secure about 90 percent of its coal needs by sealing major coal contracts within the third quarter, the spokeswoman said.