ArcelorMittal, Kumba Iron Ore in talks on new South African supply deal


ArcelorMittal (MT) and Kumba Iron Ore (KIROY.PK) say they are in talks over a potential new ore supply agreement, as the companies try to resolve a rights and pricing dispute spanning more than three years.

Kumba, a unit of Anglo American (AAUKF.PK, AAUKY.PK), had suspended an agreement with MT in 2010 under which it sold South African iron ore at a discounted price of production costs; the deal was in place because MT had a mining right in Kumba's Sishen mine that lapsed.

MT -1.7% premarket.

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