Salzgitter Rejects Iron Ore ‘Blind Date’ Pricing, FTD Reports

Salzgitter AG (SZG), Germany’s second- biggest steelmaker, opposes a new pricing model for iron ore implemented by Vale SA, Financial Times Deutschland reported, citing Chief Executive Officer Heinz Joerg Fuhrmann.

The model, based on setting the price for iron ore after delivery, “is like a blind date with the supplier,” as steel makers agree with their customers on prices beforehand, the newspaper cited Fuhrmann as saying.

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