Mechel, one of the leading Russian mining and steel groups, has announced that it has signed an agreement of intent with POSCO, South Korea's largest steel producer, in order to establish a mutually beneficial strategic partnership between the companies.
It is noted in the agreement document that the parties consider it to be expedient to collaborate on a long-term and mutually beneficial basis on the promotion of products produced by Mechel's affiliated companies and by POSCO, and also on the implementation of potential joint projects. In particular, the companies express their intention to examine and possibly implement projects in steel, mining and logistics in Russia, the Republic of Korea and third countries.
Mechel has long-standing and stable partnership relations with South Korean consumers, successfully supplying coal of various grades to this country. Since August 2009 an official Mechel representative office has been operating in Seoul.