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Kumba, ArcelorMittal SA reach deal

Companies
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Kumba's profit has fallen. Photo: Simphiwe Mbokazi.

South Africa's Kumba Iron Ore will supply the local unit of ArcelorMittal with up to 4.8 million tonnes of ore at $65 per tonne next year as the companies try to resolve a pricing dispute.

The interim deal will be valid until the end of December 2013 or until a legal process between the two parties is concluded, whichever is sooner, ArcelorMittal South Africa said in a statement on Thursday. - Reuters

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