Minerals and Metals Trading Corporation (MMTC), a state-owned trading firm, has entered into agreement with five Japanese firms and one South Korean company including Posco, for a period of three years, to supply 2.8 million tonnes (MT) of iron ore annually.
According to the agreement, MMTC will supply 2.3 MT of iron ore per annum to five Japanese firms including Nippon Steel Corporation, JFE Steel Corporation and Nisshin Steel besides 0.5 MT to South Korean major Posco.
MMTC posted nearly six-fold jump in net profit at Rs 89.47 crore for the fourth quarter ended March 2012, primarily benefiting from increased imports of fertilisers and coal. The company had registered a net profit of Rs 15.4 crore during the same period of last year.
