Hyundai Steel to buy coal from China

SEOUL, Sept. 30 (Yonhap) -- Hyundai Steel Co., South Korea's second-largest
steelmaker, said Wednesday that it has signed a contract to buy coal from a
Chinese mining company.
Under the deal with China National Minerals Co., Hyundai Steel will buy 150,000
tons of coal annually for three years beginning this year. Financial terms of the
contract were not disclosed.
Last week, the South Korean company also signed a similar deal with Russia's
Siberian Anthracite to buy 300,000 tons of coal annually for five years beginning
in 2011. Financial terms of the contract were not disclosed.
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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