Mechel Expands Long-Term Coal Supply Agreement With Japan’s Itochu Corporation
17 Décembre 2018 - 1:00PM
Mechel PAO (MOEX: MTLR; NYSE: MTL), a leading Russian
mining and metals company, reports expansion of the sales agreement
with a major Japanese universal trading company Itochu
Corporation.
The agreement stipulates that Mechel and Itochu
Corporation agreed on potential sales of up to 800,000 tonnes of
coking and thermal coal between December 2018 and March 2020. The
coal will be shipped from Mechel’s Southern Kuzbass Coal Company
and Elgaugol. The price will be determined by mutual agreement.
Japan’s major consumers and Asian steelmaking and power facilities
will be the end consumers of Mechel’s products.
“Our longstanding ties with Itochu Corporation
are stepping up to a new level. Expanding our cooperation will help
us consolidate our position in the Asia Pacific market. We are glad
that Mechel’s coal won positive appraisal from our Japanese
partners, and we will ensure its high quality in the future as
well,” 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, 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.
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