IRON ORE CONTRACT PRICE AGREEMENT

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26-05-2009

   Rio Tinto has announced that a 33% drop in the contract price for iron ore fines for the 2009 financial year has been agreed with Nippon Steel. This is accompanied by a 45% fall in the FY 2009 iron ore lump price. As yet there has been no settlement involving Chinese steel mills.
Despite the decline, this would still leave the iron ore contract price above the level of the FY 2007 settlement.