Reports from Russia suggest that Russian coal and steel company, Mechel, has agreed to supply up to 300,000 tonnes per year to the South Korean steel manufacturer, Hyundai Steel.
An anonymous company source told Reuters that an agreement on the was signed by Russian Deputy Prime Minister Igor Sechin during an official visit to South Korea.
Mechel will supply the coal from its Yakutugol subsidiary in the far east of Russia from 2010, adding to the 1 million tonnes of coal it already supplies to South Korea. It is likely that the coal will be supplied from Posiet, Mechel's Sea of Japan port.
Mechel produced 15.1 million tonnes of coking coal last year, up 45 percent from 2007.
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