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Mechel, Hyundai Steel Sign Long-Term Coal Supply Agreement
02/23/2009 - Mechel OAO signs long-term agreement with Hyundai Steel to supply coking coal mined from the Neryungri open pit.
Mechel OAO has signed a long-term agreement to supply coking coal to Hyundai Steel, Korea,.
The agreement was signed as part of a visit to South Korea by a Russian delegation headed by the Russian Federation Vice-Premier Igor Sechin. Mechel OAO Chief Executive Officer Igor Zyuzin also participated in the delegation’s visit.
Pursuant to the agreement, Mechel will deliver K-9 grade coking coal mined from the Neryungri open pit to Hyundai Steel for five years beginning on April 1, 2010. The planned annual delivery volume ranges between 100,000 and 300,000 tonnes of coal. Mechel Mining OAO's subsidiary, Yakutugol OAO will perform the export coal deliveries to South Korea.
"South Korean-based companies, including Hyundai Steel, are traditionally consumers of Yakutian coking coals," commented Mechel OAO Senior Vice President Vladimir Polin. “The long-term agreement for the delivery of K-9 grade coking coals will enable Mechel to ensure more sustainable utilization of Yakutugol's production capacity and to ensure sales as part of the output from the Elga deposit in the long term.”
Mechel, one of the leading Russian mining and metals companies, unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, hardware, heat, and electric power. Its business includes four segments—mining, steel, ferroalloys and power—and its products are marketed domestically and internationally.
