Hyundai Merchant Marine Co., South Korea's second largest shipper, in partnership with a Chinese local firm, announced Tuesday that it has signed a deal worth 315 million U.S. dollars with China's Hebei Iron & Steel Group to transport iron ore for the next 15 years.

The deal calls for Hyundai Merchant and China's ShangDong Far East Marine Group to deliver a total of 23 million tons of iron ore, including 1.5 million tons annually from Brazil and Australia, to China by 2025 for the Hebei Iron & Steel Group, the world's second largest steelmaker, the company said in a statement.

It added the deal could bring in 21 million U.S. dollars in annual sales, which add up to a total of 315 million U.S. dollars over the next 15 years for the South Korean company.

"China has the largest steel market in the world, and we will continue to expand our market presence there," Hyundai Merchant said in a statement. Hyundai Merchant and ShangDong Far East have signed a strategic partnership earlier this year.