Company "had to accept" new deal and quarterly contracts
Leading European steelmaker ThyssenKrupp AG said on Thursday that it has reached agreement with an iron ore supplier for prices for the second quarter of 2010.
The deal will see a large price increase and a shift to quarterly supply deals.
A spokesman for ThyssenKrupp Steel Europe said the company "had to accept," price increases of up to 100%, depending on the quality of the supplies.
The agreement is in line with similar agreements that Asian steelmakers had previously struck with iron ore miners, he added.
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