Commodities
Vitol Bolsters Metals Expansion With $240 Million Iron Ore Deal
Haul trucks move iron ore at a mine in Para state, Brazil.
Photographer: Dado Galdieri/BloombergVitol Group signed its first multi-year financing deal for metals, as the energy trading giant ramps up its presence in the sector following a long stint out of the market.
The trading house entered a $240 million prepayment facility with a subsidiary of CIA Siderúrgica Nacional SA for the delivery of 6 million tons of iron ore over four years, Vitol said Monday in a statement.