Kumba Iron Ore Ltd. (KIO.JO), South Africa's largest producer of the steelmaking ingredient, said Thursday that it hopes the arbitration process with ArcelorMittal South Africa Ltd. (ACL.JO) over iron ore pricing is resolved within a year.

"We hope for a speedy resolution, hopefully by the end of 2011 or early 2012," Kumba said.

Kumba, a unit of Anglo American PLC (AAL.LN), in March ended a long-running deal to supply ore from Sishen to ArcelorMittal SA at 3% above the cost of production after the steel company failed to renew mining rights on a stake in the mine by a government-imposed deadline.

The companies in July agreed to an interim pricing arrangement for ore from Sishen, although ArcelorMittal SA has continued to argue that the status of the mining rights wasn't grounds to cancel the supply deal.

-By Devon Maylie, Dow Jones Newswires; +44 (20) 7842 9483; devon.maylie@dowjones.com
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal