The leading Russian mining and metallurgical company Mechel negotiates on the sale of a part of the company’s share in Elgaugol, which owns a license for development of the largest coking coal deposit in Yakutia.
According to the ITAR-TASS, the largest metallurgical company of South Korea Posco and the largest state-owned steel-smelting company of China Baosteel are interested in the purchase of a share in the Elginskoye deposit.
According to executive secretary of the Russian-Chinese chamber, Sergei Sanakoev, the negotiations of Baosteel with Mechel have lasted for a half of year already. The Chinese company is interested in from 26% to 50% in the Eginsky project. At the same time, Baosteel is interested not only in purchase of a share in Elgaugol, but also in the joint development of infrastructure, including the construction of a terminal for 3 million tons per year in port of Vanino, Sanakoev said.
NLMK and South Korea's POSCO Engineering & Construction have signed an agreement on strategic cooperation in investment projects to upgrade domain, steelmaking and rolling facilities of the plant in Lipetsk.
"The projects, implemented in the framework of the agreement, are aimed at improving the efficiency of the technological processes, including primary processing, and control of NLMK’s production quality, introducing the best practices and advanced technologies, particularly in the production of coated rolled metal, as well as at mastering output of new products with high added value,"- NLMK reports
South-Korean Corporation POSCO will get 500 thousand tons of coking coal from the Elga deposit every year.
Mechel has concluded a 3-year contract on a supply of coal to South-Korean POSCO. The coal will be delivered by a subsidiary of the holding “Mechel Carbon”. Besides, Mechel’s affiliate has concluded an annual agreement with POSCO on a supply of 200 thousand tons of PCI coal until 2014.
Russia. Mechel discusses the prospects on the development of Elga deposit with South Korean STX and PoscoEdited by Rhod Mackenzie / 2012-09-13 03:07:10
Mechel Plc. concluded an agreement of long-term cooperation with South Korean STX at the business summit of the Forum of Asian-Pacific Economic Cooperation, the company’s press service reports. Besides, the Chairman of the Board of Directors of Mechel, Igor Zyuzin and President of Posco summarized the results of the cooperation in accordance with the agreement about the projects signed by the companies in 2011. Read more »