It is reported that general meeting of shareholders of Masteel Co approved its Ore Purchase and Sale Agreement with Maanshan Iron & Steel Group, a three year agreement signed on October 15th.

With the agreement Masteel Corporation can expect stable iron ore
supply for its growing steel capacity on a continuous basis which can
enable it to control cost while satisfying its iron ore demand.

The agreement rules that iron ore resource Maanshan Iron & Steel
Group produces must be supplied to Masteel Corporation prior to anyone
else. The agreement lasts from January 1st 2010 to December 31st 2012
in which iron roe price is to be negotiated by the two sides on the
basis of equality.

The profitability of Masteel Corporation recovered significantly,
contributed by not only the rising steel price but also the drop in
iron ore price. As its business prospered this year, it has seen its
demand for imported iron ore and coking coal shooting up. It has
entered into agreement with a Japanese shipping company

In January to September 2009, Masteel Corporation achieved CNY 37.83
billion of business revenue down by 34.32%YoY. Its net profit stood at
CNY 6.91 million down by 99.77%. Each share earned CNY 0.0009 and the
net asset of each share stayed at CNY 3.385.

Source: My Steel

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