Ansteel entered into a long-term Contract of Affreightment with STX Group, a renowned shipbuilding and shipping company in South Korea, on July 10, following the two parties concluded a MOU on iron ore transportation in 2007. The latest move, intended to transport iron ore from Australia and Brazil to China, will not only help Ansteel reduce logistics costs, guarantee a stable and adequate iron ore supply for its Bayuquan New Space project, but also cushion the impact from the global economic downturn for the two firms.