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Mechel signs long-term coal supply agreement with Itochu

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World Coal,

Mechel PAO, a leading Russian mining and metals company, has signed a long-term coal supply agreement with a major Japanese universal trading company Itochu Corp.

The agreement stipulates that Mechel is to supply Itochu Corp. with up to 300 000 t of washed thermal 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 Corp. 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 CEO Pavel Shtark commented.

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Russia coal news