Moscow, Russia – February , 2009 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that it has signed a long-term agreement with Hyundai Steel, Korea, to supply coking coal.
The agreement was signed within a visit to South Korea of the Russian delegation headed by the Russian Federation Vice-Premier Igor Sechin, in which Mechel OAO Chief Executive Officer Igor Zyuzin also participated.
Pursuant to the agreement, the arrangement was reached for Mechel to deliver K-9 grade coking coal mined from Neryungri open pit to Hyundai Steel for five years beginning on April 1, 2010. The planned delivery volume ranges between 100,000 to 300,000 tonnes of coal annually.
The export coal deliveries to South Korea will be performed by Mechel Mining OAO’s subsidiary, Yakutugol OAO.
“South Korean-based companies, including Hyundai Steel, are traditionally consumers of Yakutian coking coals. 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 OAO Senior Vice President Vladimir Polin commented.
Mechel is one of the leading Russian companies. Its business includes four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
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