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Mechel extends coal contract with Baosteel Resources until 2019

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World Coal,

Mechel PAO is prolonging its cooperation agreement with Baosteel Resources which is part of China Baowu Steel, China’s largest steelmaking group.

The new agreement will be valid for July 2018 to June 2019. During this time, Mechel will supply Baosteel Resources’ facilities with up to 700 000 t of premium-grade coking coal. According to the contract, a major part of this coal — up to 40 000 t monthly — will be supplied by Yakutugol Holding Company AO. The price will be determined on a monthly basis.

“Russian coking coal’s share in Chinese imports is about 7%. Mechel is a chief Russian supplier of high-quality coking coal to China, in 2017 we have shipped two million tonnes of coking coal to our Chinese clients. We have fully met our obligations on our previous contract with Baosteel Resources, which is our longstanding and respected partner. We are glad that our fruitful cooperation continues,” Mechel PAO’s CEO, Oleg Korzhov, commented.

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