Paul is one of the three founders of Dilato Media Technology & is the Chief Editor of MyStockVoice.com as well as heading up Business Development. Paul has a backround in international telecoms, prior he was an officer in the Royal Navy. He is regularly published on online portals such as Seeking Alpha & iStockAnalyst, where he concentrates on telecom, energy & commodities, mainly via ADR & ETF investment vehicles.
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CommentsPosted: Saturday 25/07/2009 17:15
Mechel OAO, one of the leading Russian mining and metals companies, announces signing of contracts for coking and steam coal supplies to Chinese, Japanese, and South Korean companies for 2009.
Mechel (NYSE: MTL) continues its activities to enlarge the geography of coal sales. Having an established successful experience of coal supplies to Japan and South Korea, in 2009 the company also entered the Chinese coal market having signed a number of new large contracts with local customers.
The Company have already commenced supplies of coking coal concentrate produced at Yakutugol and steam coal of various grades to China. Currently total volume of supplies for 2009 fiscal year under Mechel's contracts with Chinese, Japanese, and South Korean companies amounts to approximately 2 million tons of coking coal concentrate produced at Yakutugol and 2.3 million tons of steam coal of various grades produced at Yakutugol and Southern Kuzbass.
Mechel has also been supplying iron ore concentrate produced at its Korshunov Mining Plant to China, since 2007
"China is a very promising market for us. Its steel industry continues to develop fast resulting in stable high demand for our commodities: iron ore concentrate, coking coal concentrate, and ferroalloys. Moreover, signing of the new contracts provided us with the opportunity of deeper understanding of the Chinese market and we continue the activities to enter into new agreements." commented Mechel SVP Vladimir Polin "It is important that supplies to China are performed by both water transport and along railways, thus the flexibility of supply chains makes additional competitive advantage for us. I would like to emphasize that entering into new large contracts with Chinese companies allows us to increase the load of our coal mining facilities that is of particular importance in the current challenging business environment"
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