Mechel Signed Long-Term Coal Supply Contract With Itochu Corporation
November 02 2017 - 10:45AM
Mechel PAO (NYSE:MTL) (MOEX:MTLR)
, a
leading Russian mining and metals company, reports signing a
framework agreement with a major Japanese universal trading company
Itochu Corporation.
The agreement stipulates that Mechel is due to
supply Itochu Corporation with up to 300,000 tonnes of washed steam
coal produced at Southern Kuzbass Coal Company’s New-Olzherasskaya
Mine. The price will be determined by mutual agreement without
reference to any particular formula. Japan’s major cement and power
facilities will be the end consumers of Mechel’s products.
“Our company highly appreciates the level of
cooperation with our Japanese partners. Over the past two years, we
shipped coal to Itochu Corporation on spot contracts, and signing a
long-term agreement is a logical next step in our partnership.
Today Japan’s market accounts for about 20% of Mechel’s coal
exports, and we expect to increase this figure in the near future,”
Mechel Mining Management Company OOO’s Chief Executive Officer
Pavel Shtark commented.
Mechel PAOEkaterina VidemanTel: + 7 495 221 88
88ekaterina.videman@mechel.com
Mechel is an international mining and steel
company. Its products are marketed in Europe, Asia, North and South
America, and 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 (NYSE:MTL)
Historical Stock Chart
From Apr 2024 to May 2024
Mechel PAO (NYSE:MTL)
Historical Stock Chart
From May 2023 to May 2024