Posco, Mechel Sign Initial Deal To Develop Resources In Russia

Date : 06/21/2011 @ 8:48PM
Source : Dow Jones News
Stock : Mechel Pao American Depositary Shares (Each Rep. 1 Common Shares) (MTL)
Quote : 4.96  0.0 (0.00%) @ 6:59AM

Posco, Mechel Sign Initial Deal To Develop Resources In Russia

Mechel PAO (NYSE:MTL)
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South Korean steelmaker Posco (005490.SE) said Wednesday that it has signed an initial agreement with Russia's Mechel OAO (MTL) to develop energy resources in Russia and other countries.

The two companies have also signed a memorandum of agreement to cooperate in the stainless steel business, Posco said. Under the preliminary deal, Posco may build stainless steel processing facilities for Mechel in Russia, it said.

Posco, which has received an order to build a housing complex for employees working in Mechel's Elga coal mine by June 2013, expects the initial pact will help it participate in the coal mine development in the future, it said.

-By Kyong-Ae Choi, Dow Jones Newswires; 822-3700-1903; kyong-ae.choi@dowjones.com

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