Mechel extends coal supply contract with S.Korea’s STX Corporation

Tuesday, 20 October 2020 17:54:50 (GMT+3)   |   Istanbul

Mechel, one of the leading Russian mining and steel groups, has extended its year-long coal supply contract with STX Corporation, one of South Korean key trading companies.

In accordance with the contract, Mechel will supply STX Corporation with up to one million mt of products, including coking coal produced by Yakutugol Holding Company and Southern Kuzbass Coal Company. STX Corporation in its turn will provide funding for coal supply to Asia Pacific. The price will be determined based on the market situation.

During the past year, Mechel’s shipments to STX Corporation have anounted to 800,000 mt of coal.

“The coal market has begun a recovery after a difficult first half of the year. 2021 will be indicative... As the current situation requests flexibility in sales policy and a mutually acceptable cooperation with partners, we have prepared for the next year in advance by signing this agreement,” Mechel CEO Oleg Korzhov commented.

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