Mechel to Supply China’s Baosteel Resources With Nearly One Million Tonnes of Coking Coal
March 31 2016 - 10:52AM
Mechel PAO (NYSE:MTL), (MOEX:MTLR),
a
leading Russian mining and metals company, announces that its
cooperation agreement with China’s major corporation Baosteel
Resources has been prolonged.
Since April 2016 and until March 2017, Mechel
will supply the Chinese company with up to 960,000 tonnes of
premium-grade coking coal produced at Neryungrinsky Open Pit. Most
of this coal will be shipped via Mechel’s own Trade Port Posiet.
The price will be determined on a monthly basis.
“We have established constructive ties with
Baosteel Resources. In the future, Mechel intends to adhere to the
best of practices in dealing with this company. We supply our
partners with high-quality coking coal which has long become a
trademark of Yakutia and all of Russia’s Far East. Baosteel
Resources accounts on average for 30% of our coal exports to China,
that has always been a priority market for us,” Mechel’s Chief
Executive Officer Oleg Korzhov commented.
Mechel is an international mining and steel
company which employs over 67,000 people. Its products are marketed
in Europe, Asia, North and South America, Africa. Mechel unites
producers of coal, iron ore concentrate, steel, rolled products,
ferroalloys, heat and electric power. All of its enterprises work
in a single production chain, from raw materials to high
value-added products.
Some of the information in this press release
may contain projections or other forward-looking statements
regarding future events or the future financial performance of
Mechel, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. We wish to
caution you that these statements are only predictions and that
actual events or results may differ materially. We do not intend to
update these statements. We refer you to the documents Mechel files
from time to time with the U.S. Securities and Exchange Commission,
including our Form 20-F. These documents contain and identify
important factors, including those contained in the section
captioned “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in our Form 20-F, that could cause the
actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others,
the achievement of anticipated levels of profitability, growth,
cost and synergy of our recent acquisitions, the impact of
competitive pricing, the ability to obtain necessary regulatory
approvals and licenses, the impact of developments in the Russian
economic, political and legal environment, volatility in stock
markets or in the price of our shares or ADRs, financial risk
management and the impact of general business and global economic
conditions.
Mechel PAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
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