fortescue breaks ranks to ink deal with china, page-34

Mining company Fortescue Metals Group (FMG) (FMG.AX: Quote, Profile, Research) chief executive Andrew Forrest has invited steel mills in Japan and Korea to "put a deal," if interested in securing the same 35 percent iron ore discount that China-based Baosteel and China Iron and Steel Association have. FMG's deal has topped rival Rio Tinto's (RIO.AX: Quote, Profile, Research) 33 percent discount to Asia-based mills. Mr Forrest believes his deal has made Australia's iron ore marketing more competitive, but several analysts disagree and warn it could negatively affect the industry.