Commodity trading company Vitol has agreed to a US$240 million iron ore pre-payment facility with CSN Mining International, a subsidiary of Companhia Siderúrgica Nacional (CSN).

Under the four-year deal, Vitol will provide funding in exchange for lifting approximately six million tons of iron ore, which marks Vitol’s first multi-year financing in metals, highlighting its expansion beyond energy trading.

The arrangement aligns with a broader trend of commodity traders securing raw materials amid an expected supply shortage. Vitol emphasized plans to leverage its logistics and trading capabilities to deepen its presence in the iron ore market and steelmaking value chain.