Mechel Announces Its CEO Attending Hyundai Steel’s Blast Furnace Commissioning Ceremony
Moscow, Russia – April 12, 2010 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces participation of Mechel’s CEO Igor Zyuzin in the Hyundai Steel’s blast furnace commissioning ceremony.
On April 8, 2010, Igor Zyuzin, Mechel’s CEO and Dmitry Sokolov, Mechel’s representative in South Korea participated in the official ceremony of a new blast furnace commissioning at Hyundai Steel’s steel mill in Dangjin. The event was attended by the South Korean President Lee Myung-bak, South Korean Minister of Knowledge Economy Choi Kyung-hwan, Chairman of the Federation of Korean Industries Cho Suck-rae, Chairman of Hyundai-Kia Automotive Group Chung Mong Koo and other representatives of government and business.
The launched blast furnace is one of the largest ones in the world. Its estimated output volume is about 4 million tonnes of pig iron per annum. In 2010 it is expected to produce approximately 2.5 million tonnes of pig iron. The second blast furnace with similar parameters is planned to be launched at this plant in the late 2010. When the project is completed, the plant’s production capacity would amount 8 million tonnes of pig iron per annum.
Mechel and Hyundai Steel signed a long-term coking coal supply agreement in February 2009. Under this agreement, hard coking coal produced by OJSHC Yakutugol will be supplied to Hyundai Steel during 5 years starting from April 1, 2010.
Within the framework of this agreement, in June 2009 Mechel Trading AG, Mechel group’s exporting company, and Hyundai Steel signed a contract to deliver coal via Mechel group’s trade port Posiet.
“It’s a great pleasure for us to see the success of our partners from Hyundai Steel. Construction of the pig-iron production facility in Dangjin is actually a large-scale and challenging project, and one of its most important stages has been successfully completed today. We started our cooperation with Hyundai Steel last February and highly appreciate the results of our joint efforts. We are ready to support our partners’ endeavours to develop and expand their blast furnace steel production by supplies of our coking coal. All the more, we will both benefit while using Mechel’s own logistic capacities. Additional advantage for us is convenient geography position of our companies towards each other”, Igor Zyuzin, Mechel’s CEO said after the ceremony.
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.
No comments:
Post a Comment