Support The Moscow Times!

Supplier Faults Magnitogorsk

Eurasian Natural Resources Corporation said Magnitogorsk Iron & Steel Works had breached a contract to purchase 1 million tons of its iron ore a month and it will seek compensation from the Russian company, a London-based miner of the commodity in Kazakhstan, said Thursday.

Magnitogorsk has indicated that it will buy a maximum of 700,000 tons of ore a month in the fourth quarter, ENRC said.

The two companies signed a 10-year agreement in 2007. Magnitogorsk would buy iron-ore concentrate and pellets at a price linked to the world market, Astana-based ENRC said at the time. Magnitogorsk secured iron-ore supplies through a three-year agreement in September with Metalloinvest, the steelmaker said at the time.

(Bloomberg)

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.