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POSCO confirms iron ore deal with Rio Tinto

Mon Jun 30, 2008 8:49pm EDT

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SEOUL, July 1 (Reuters) - South Korea's POSCO (005490.KS), the world's No. 4 steelmaker, confirmed on Tuesday it had agreed to pay up to 96.5 percent more to Australian miner Rio Tinto (RIO.AX) for iron ore supplies.

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Earlier on Tuesday, Rio said said it had reached agreement with all of its customers in Asia for iron ore deliveries from Hamersley Iron, Robe River and Hope Downs for the contract year that began on April 1. [ID:nSYU004634]

The price increase is in line with an agreement struck between Rio and China's Baosteel last week. (Reporting by Miyoung Kim; Editing by Keiron Henderson)

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