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Posted AT 9:17 AM EST on 02/07/08

Steel makers integrate to secure supplies

HUMEYRA PAMUK

Reuters

LONDON — Steel makers are buying mines and mining companies to increase self-sufficiency in their key raw materials, iron ore and coking coal, which have seen prices soar over the last year. Last week, Rio Tinto secured a record high price rise of up to 96.5 per cent for iron ore from Chinese Baosteel in annual contract talks.

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