It is reported that Hyundai Steel Company issued a USD 17.2 million letter of credit to Australian iron ore company Pluton Resources against the purchase of four shipments commencing in August 2013.

Mr Tony Schoer MD of Pluton Resources lauded the deal in a news release from today.

Mr Schoer said that "Korea is a dynamic economic growth engine for Asia and the rest of the world and Pluton will continue to seek opportunities to diverse its market risk profile."