Vitol, a leading energy and commodities company, today announces it has entered into a $240million, prepayment arrangement with CSN Mining International GMbH, a subsidiary of Sao Paulo based Companhia Siderúrgica Nacional (“CSN”). Under the terms of the arrangement, Vitol will lift circa six million tonnes of iron ore over a four-year period.
This is Vitol’s first multi-year financing arrangement in the metals space and highlights the company’s commitment to its growing metals business.
Paulo Schottz, Commercial Director of CSN Mineração, said: “Vitol has been a key and trusted partner, and we are pleased to further strengthen our cooperation in iron ore trading. We highly value their expertise and ability to promote our product, creating added value across the entire supply chain. We look forward to continuing to grow and deepen this partnership in the future.”
Derek Wilson, global head of steel raw materials, Vitol said: “CSN is one of South America’s leading steel and iron ore producers and has for some time been a valued customer of Vitol’s metallurgical coal and coke businesses. We are pleased to broaden the scope our relationship with CSN through this long-term arrangement which deploys Vitol’s financial, logistics and trading capabilities in the iron ore market. We look forward to expanding our presence in this important market and across the entire steelmaking value chain.”