SEOUL -(Dow Jones)- South Korea's Posco (Korea:005490) (005490.SE) Tuesday said it has agreed to a 79.88% increase in iron ore prices with Rio Tinto Ltd. (Australia:RIO) (RIO.AU) for the 2008 fiscal year which started in April.
Posco has agreed to a 79.88% rise per metric ton of iron ore fine and a 96.5% rise for iron ore lump, a company spokeswoman said.
In February, Posco had agreed to a 65% increase in iron ore prices with Companhia Vale do Rio Doce (NYSE:RIO) (RIO), or Vale, for the 2008 fiscal year.
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(END) Dow Jones Newswires 06-30-08 2157 Copyright (c) 2008 Dow Jones & Company, Inc.