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Trafigura, Vanomet strike deal to supply steelmaker SSI UK

Reuters

LONDON (Reuters) - Commodity trading giant Trafigura said on Tuesday it and Vanomet, a steel and raw materials trader, had struck a deal to supply iron ore and coking coal to the British unit of Thai steel firm Sahaviriya Steel Industries.

Trafigura, long established in the iron ore and coking coal business, did not reveal how much the SSI UK deal was worth, but added it would work with Vanomet as a partner on other deals to supply the steel industry.

SSI has been struggling to turn a profit since it bought the former Corus plant in Teesside, northeast England, for about $500 million in early 2011 from Tata Steel.

A number of commodity traders including Gunvor and Mercuria are looking to expand into iron ore, just as oversupply grips the world's second-largest traded commodity after oil, depressing prices but also offering opportunities.

(Reporting by Maytaal Angel; Editing by Dale Hudson)