U.S. Markets closed

Mechel signs agreement with POSCO

Mechel OAO announces that its mining division's trading subsidiary Mechel Carbon has signed a three-year contract with South Korea's POSCO corporation for supply of coking coal. The agreement, signed on April 30, stipulates that Mechel Carbon will supply POSCO with 500,000 tonnes of coking coal per year. Besides that, Mechel Carbon also signed with POSCO a one-year contract for supply of 200,000 tonnes of PCI coal in 2013. The price during these contracts shall be determined by mutual agreement on a quarterly basis.