Globaltrans extends Metalloinvest contract for two years

Globaltrans announced on Thursday that it has extended its service contract with global producer and supplier of HBI and iron ore products Metalloinvest for a two-year period.

The FTSE IOB-traded company said that under the contract, which comes into effect on 1 January, Globaltrans would provide around 70% of Metalloinvest's freight rail needs, up from 50% in 2021.

As with the previous agreement, the commercial terms were subject to revision no more than quarterly.

“Globaltrans continues to maintain its successful strategy of long-term client partnerships and now has service contracts with six leading businesses which together generated around 63% of the group's net revenue from operation of rolling stock in the first six months of 2021,” the board said in its statement.

At 1536 GMT, shares in Globaltrans Investment were up 1.18% in London at $8.60.