India Globalization Capital, Inc. (NYSE Amex: IGC) announced that the company has been awarded an iron ore supply contract worth $1.8 million.

The press release is quoted as saying

In 2008, the market for iron ore totaled nearly $80 billion; and global use of finished-steel products has increased markedly since 2005, especially in countries with expanding infrastructure, like China, where steel demand has risen by more than 13% in recent years. China is the largest importer of iron ore, importing roughly half of the world’s supply annually.

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