Mechel, JFE Steel Prolong Coal Supply Contract Till 2021
Mechel PAO American Depositary Shares (Each rep. 1 common shares) (MTL)
US:NYSE Investor Relations:
mechel.com/shareholders/report/20f
Company Research
Source: GlobeNewswire
TOKYO, June 07, 2018 (GLOBE NEWSWIRE) -- Mechel PAO (MOEX:MTLR) (NYSE:MTL), one of the leading Russian mining and metals companies, reports prolonging its long-term deal for coal supplies with Japan’s JFE Steel corporation, a major steel mill in Asia Pacific, by another three years. The agreement will be in force until June 2021. According to the agreement, Mechel will annually supply JFE Steel up to 1.5 million tonnes of metallurgical coals — coking coal concentrate produced by Yakutugol Holding Company AO as well PCI produced by Southern Kuzbass Coal Company PAO. The price will be determined based on the market situation. JFE Steel also voiced its willingness to acquire additional volumes of coking coal concentrate produced by Elgaugol OOO, which volumes and supply conditions are to be discussed further. JFE Steel has been buying Southern Yakutia’s coals for over 30 years and has always been Mechel’s longstanding and reliable partner. “In 2015, we signed our first three-year c
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