Mechel and STX ink long-term cooperation agreement
Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the signing of a long-term partnership agreement with South Korea’s STX Group during the Business Summit of the Asia Pacific Economic Cooperation (APEC), the Russian company’s press release said.
Chairman of the Board of Directors Igor Zyuzin signed the agreement on behalf of Mechel OAO, and Chairman Kang Duk-soo signed it on behalf of STX Group. STX Group is one of South Korea’s largest corporations, focusing on shipbuilding, construction, sea transit and energy.
The agreement aims to set up a mutually beneficial partnership between the two companies. The sides intend to cooperate in the long term on promoting products manufactured by Mechel enterprises and STX Group, and implementing possible joint projects. Those include cooperation in coal shipments, joint participation in development of ports and port terminals in Russia’s Far East, as well as cooperation in sea transit issues.
Mechel Group has strong partnership ties with South Korean customers of its products. Mechel OAO’s official representative office was opened in Seoul in August 2009.
“South Korean companies are traditional customers of Mechel’s coal products. Strengthening business ties with progressive-minded companies such as STX Group are key to successful implementation of our strategy to ensure sales for the Elga coal deposit’s coals,” Chairman of Mechel OAO’s Board of Directors Igor Zyuzin noted.
Moscow-headquartered Mechel Group, incorporated on March 19, 2003, has become one of Russia’s leading mining and metallurgical companies, producing coal, iron ore, nickel steel, rolled steel products, hardware, heat and electric power. The company operates facilities in Russia, Romania, Lithuania, Kazakhstan, Bulgaria, and the United States.
STX Group is one of the largest South Korean corporations specializing in shipbuilding, construction, shipping and energy.
