Mechel PAO (MTL)

[I-Man]

Here, more good news again.

Mechel Reports Extending Major Coke Export Contract

6:59 am ET January 15, 2019 (Globe Newswire)
Mechel PAO (MOEX: MTLR; NYSE: MTL), a leading Russian mining and metals company, reports prolonging its agreement on coke supplies to Turkey's steelmaking holding Kardemir.

According to the agreement, from January to December 2019 Mechel will supply the Turkish company with 200,000 tonnes of metallurgical coke produced at Moscow Coke and Gas Plant. Compared to the previous deal, the amount of supplies to Kardemir will go up by nearly 70%. Coke will be shipped via Port Mechel Temryuk in Russia's Krasnodar Region.

The price will be determined on quarterly basis following negotiations.

"Over 9 months of 2018, we increased coke exports by 16%. We managed to achieve this result partly due to our partnership with Kardemir. With this new agreement, our ties will continue to develop just as efficiently," Mechel Mining Management OOO's Chief Executive Officer Pavel Shtark said.

Turkish companies consume about 6 million tonnes of coke annually, with Turkey's coke producers accounting for approximately 5 million tonnes and the remainder imported from abroad.


*** maybe they need to suppkly US steel plants now to lift them??? LOL