Raspadskaya JSC will supply coal to Hyundai Steel
Raspadskaya JSC, the Russian largest coking coal producer and the South Korean Hyundai Steel have signed a memorandum for long-term cooperation from 2013 for coal products supplies with gradual increase in annual production to 300,000 tons. The memorandum is one more step in the development of export relations with large steel and coking coal producers, and the closure of long-term contracts for their products supplies.
In H1, Raspadskaya JSC gained revenue of $4.236 million for coal sales to Korea, 2% of total revenue for the period. Corber Enterprises Limited holds 81.95% in Raspadskaya JSC, and its holders on a par basis are Raspadskaya JSC and Evraz. Last week they reported that Evraz made an agreement for the increase of its shareholding in Raspadskaya JSC to 82% before the end of the year. In 2011, Raspadskaya JSC extracted 6.251 million tons of coal, compared to 7.160 million tons in 2010.
Translated by Nadezhda Poltoratskaya
