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Kumba, ArcelorMittal South Africa reach supply agreement

Reuters - UK Focus

JOHANNESBURG, Nov 5 (Reuters) - Steel maker ArcelorMittal (Other OTC: AMSYF - news) South Africa and Kumba Iron Ore (Other OTC: KIROY - news) said on Tuesday they had reached a supply agreement deal, replacing one suspended during a lengthy dispute and raising the price the former will have to pay for raw material.

ArcelorMittal will now pay costs plus 20 percent for iron ore sourced from Kumba, up from the previous deal under which it paid a discounted price of costs plus three percent.

The companies also agreed that for the first two years, Kumba will supply ArceloMittal between 1.6 million tonnes and 2 million tonnes of iron ore at an agreed floor price.

The agreement comes into effect from Jan. 12014.

ArcelorMittal's share price closed 3.70 percent lower while Kumba, a unit of Anglo American (LSE: AAL.L - news) , added over two percent on the news.