Hyundai Steel signs coal purchase deal with Russian firm

SEOUL, Sept. 23 (Yonhap) -- Hyundai Steel Co., South Korea's No. 2 steelmaker,
said Wednesday it has signed a contract to buy coal from a Russian mining
company.

Under the deal with Siberian Anthracite, Hyundai Steel will buy 300,000 tons of
coal annually for five years beginning in 2011. Financial terms of the contract
were not disclosed.
In June this year, Hyundai Steel also signed a deal to buy 200,000 tons of coking
coal from Russia's Mechel OAO for five years starting in 2010.
"Through the deal, Hyundai Steel will diversify its coal suppliers and improve
its long-term coal supply stability," the company said in a statement.
Hyundai Steel and other local steelmakers such as POSCO have been seeking to
secure stable supplies of raw materials such as iron ore and coking coal as
demand for steel from automakers and shipbuilders is expected to increase in line
with an economic recovery.
sam@yna.co.kr
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