Mechel Increases Exports of Elga Coal
December 21 2016 - 8:00AM
Mechel PAO (MICEX:MTLR) (NYSE:MTL)
, one of
the leading Russian mining and metals companies, reports signing a
memorandum for supply of the Elga deposit’s coal with China’s
Jidong Cement, one of the world’s top five cement
producers.
According to the memorandum, Mechel will supply
its Chinese partners from two to three million tonnes of steam coal
(up to 250,000 tonnes monthly) mined at Mechel’s coal facilities —
Elgaugol OOO, Yakutugol Holding Company AO and Southern Kuzbass
Coal Company PAO. Supplies will be made starting in December 2016
and until December 2017. Prices will be adjusted on a monthly
basis.
“This is the first long-term agreement for the
next year that our company has signed since coal prices recouped
globally. We are particularly pleased that it involves increase of
coal supplies from Elga, a new flagship of Russia’s coal industry
in the Far East. With this contract, Jidong Cement becomes the top
foreign consumer of Elga’s products,” Mechel Mining Management
OOO’s Chief Executive Officer Pavel Shtark noted.
Mechel is an international mining and steel
company which employs 66,000 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
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From Apr 2023 to Apr 2024