On May 12, the UK based international trading and steel producing group, Liberty Commodities, signed a memorandum of understanding (MoU) with a senior delegation from the Chinese steelmaker Tianjin No. 1 at an official signing ceremony held at Liberty's Dubai office. According to the MoU, Liberty will supply Tianjin No. 1 with 2 million mt of iron ore annually.
Liberty expects to ship the iron ore from its resources in India and other countries. Additionally, it plans to buy steel products amounting to 600,000 mt in total from Tianjin No. 1, especially hot rolled coil, as well as cold rolled coil and coated products, which will be exported to various markets around the world using Liberty's network of offices in over 26 countries.