RIO TINTO is being approached by Indian steel mills seeking long-term iron ore contracts.
The mining giant has set its sights on expanding its iron ore market, and has been hit up by Indian mills wanting the mineral for their plants.
Iron ore is an essential mineral required to manufacture steel.
The company says spiralling commodity prices and increased demand in China and India have more than doubled its profits for the first half of 2008.
Rio expects the Indian steel sector to grow at the same pace as China, which is the world’s largest steel maker, yielding over 400Mt per year.
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