CLEVELAND, Ohio — Officials from Cliffs Natural Resources hope that a ten-year pellet supply deal will improve U.S. iron ore revenues for the coming year.

This morning, the company announced the new long-term agreement with ArcelorMittal USA to supply tailor-made iron ore pellets through 2026. ArcelorMittal will purchase up to ten million long tons of pellets from Cliffs, who will remain the sole outside supplier of those pellets.

The new agreement replaces two others that expire around the end of the year. Cliffs CEO Lourenco Goncalves praised the agreement, saying it “removes any remaining uncertainty about Cliffs.”