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Mechel Signs Coking Coal Supply Contract with Hyundai Steel
06/10/2009 - Mechel subsidiary Mechel Trading AG signs long-term coking coal supply contract with Hyundai Steel in South Korea.
Mechel OAO’s Mechel Trading AG subsidiary has signed a long-term coking coal supply contract with Hyundai Steel in South Korea.
Under the new commercial contract, which was concluded this week, Mechel will supply Hyundai Steel with K-9 grade coking coal mined from its Neryungri open pit. Mechel CEO Igor Zyuzin signed the agreement with Hyundai Steel earlier this year while visiting South Korea as a member of the Russian delegation headed by the Russian Federation Deputy Prime Minister Igor Sechin.
“Signing the commercial contract became another stage in developing partnership relations between Mechel and Hyundai Steel,” commented Mechel OAO Senior Vice President Vladimir Polin. “In the context of current economic situation, export coking coal supplies became especially important to ensure utilization of our mining facilities. I am confident that today’s signing will give additional impetus to the long-term and mutually beneficial relations between our companies.”
Pursuant to the contract, Mechel will supply coal during the next five years starting from April 1, 2010. The supply volumes will reach 200,000 tonnes per year. The coal deliveries to South Korea will be performed on FOB basis via Mechel’s trade Port Posiet subsidiary.
Mechel, one of Russia’s leading companies, unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, nickel, hardware, heat, and electric power. Its business includes four segments—mining, steel, ferroalloys and power—and its products are marketed domestically and internationally.
