Mechel Prolongs Coal Contract With China’s Baosteel Resources Until 2019
Mechel PAO American Depositary Shares (Each rep. 1 common shares) (MTL)
US:NYSE Investor Relations:
mechel.com/shareholders/report/20f
Company Research
Source: GlobeNewswire
MOSCOW, July 04, 2018 (GLOBE NEWSWIRE) -- Mechel PAO (NYSE:MTL) (MOEX:MTLR), one of the leading Russian mining and metals companies, reports prolonging its cooperation agreement with Baosteel Resources which is part of China Baowu Steel, China’s largest steelmaking group. The agreement notes long-lasting reliable cooperation between the two sides, based on principles of mutual benefit and trust, guaranteed by stable long-term supplies of coking coal. The new agreement will be valid for July 2018 to June 2019. During this time, Mechel will supply Baosteel Resources’ facilities with up to 700,000 tonnes of premium-grade coking coal. According to the contract, a major part of this coal — up to 40,000 tonnes monthly — will be supplied by Yakutugol Holding Company AO. The price will be determined on a monthly basis. “Russian coking coal’s share in Chinese imports is about 7%. Mechel is a chief Russian supplier of high-quality coking coal to China, in 2017 we have shipped two million t
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