Brazil's mining giant Vale said on Monday it signed the biggest ever long-term contract to supply iron ore and pellets to ArcelorMittal.

Vale said it agreed to supply 480 million metric tonnes of ore and pellets over 10 years to units in Europe, Africa and in the Americas for ArcelorMittal, the world's largest steelmaker.

Vale, the world's largest iron ore producer and exporter, has signed long-term contracts with several of its clients in the past years as it seeks to create a steady stream of revenue.

The company last year sealed contracts with clients in China and Abu Dhabi, but it said the ArcelorMittal deal was the biggest of its kind.
Vale shares rose 1.55 percent to 52.3 reais at the Sao Paulo stock exchange on Monday.