Mechel OAO (MTL), Russian mining and metals company, announced that its subsidiary Mechel Carbon (Singapore) Pte. Ltd. has signed a memorandum for supplies of coking coal with Baosteel Resources Int. Co. Ltd., Baosteel Group Corporation's wholly-owned subsidiary focusing on raw materials supply.
According to the memorandum, Mechel Carbon is due to directly supply Baosteel with 960,000 tonnes of coking coal annually, with the one-year contract subject to prolongation. The price will be corrected monthly.
Up until March 1, 2013, Mechel Carbon has directly supplied a total of 252,000 tonnes of coking coal to Baosteel's major production mills in Shanghai, Guangdong, Jiangsu and Zhejiang.
In order to streamline strategic cooperation efforts in specified order, the companies agreed to exchange regular visits, including those of senior executives every half a year, to discuss market trends and mutual interests, as well as ensure regular interaction by technical personnel.
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