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Mechel Signs Agreement of Intent with Posco

11/11/2010 - Mechel OAO recently signed an Agreement of Intent with Posco to establish a mutually beneficial long-term strategic partnership between the companies. The companies intend to examine and possibly implement projects in Russia, the Republic of Korea, and third-world countries.

Mechel OAO recently signed an Agreement of Intent with Posco to establish a mutually beneficial long-term strategic partnership between the companies.
 
The parties will collaborate on the promotion of products produced by Mechel’s affiliated companies and Posco, and on the implementation of potential joint projects. In particular, the companies intend to examine and possibly implement projects in steel, mining, and logistics in Russia, the Republic of Korea, and third-world countries.
 
The agreement was signed within the framework of an official visit of the President of the Russian Federation Dmitry Medvedev to the Republic of Korea. Igor Zyuzin, Chairman of Mechel’s Board of Directors, and Chung Joon-yang, Chief Executive Officer of Posco, signed the agreement.
 
Mechel notes that it has long-standing and stable relations with South Korean consumers, supplying coal of various grades to the country. Since August 2009, Mechel’s official representative office operates in Seoul.
 
Mechel is one of the leading Russian mining and metals companies. Its business includes four segments: mining, steel, ferroalloy, and power. The company unites producers of coal, iron ore concentrate, nickel, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power.