Hyundai Steel to buy coal from Russia's Mechel

SEOUL, Feb. 20 (Yonhap) -- Hyundai Steel Co., South Korea's second-largest steel
maker, said Friday it has signed a memorandum of understanding with Mechel to buy
coking coal from the largest coking coal miner in Russia.
Under the preliminary deal, with was inked early in the day in Seoul, Hyundai
Steel will buy 50,000 to 300,000 metric tons of coal over the next five years,
the South Korean company said in a statement.
Financial terms of the deal weren't disclosed.
"Through the deal, Hyundai Steel could diversify its coal suppliers and improve
long-term coal supply stability," said an official at Hyundai Steel.
(END)