Mechel Announces Partnership Agreement With STX Group
Mechel OAO (NYSE: MTL) announces the signing of a long-term partnership agreement with South Korea's STX Group during the Business Summit of the Asia Pacific Economic Cooperation (APEC).
Chairman of the Board of Directors Igor Zyuzin signed the agreement on behalf of Mechel OAO, and Chairman Kang Duk-soo signed it on behalf of STX Group. STX Group is one of South Korea's largest corporations, focusing on shipbuilding, construction, sea transit and energy.
The agreement aims to set up a mutually beneficial partnership between the two companies. The sides intend to cooperate in the long term on promoting products manufactured by Mechel enterprises and STX Group, and implementing possible joint projects. Those include cooperation in coal shipments, joint participation in development of ports and port terminals in Russia's Far East, as well as cooperation in sea transit issues.
Mechel Group has strong partnership ties with South Korean customers of its products. Mechel OAO's official representative office was opened in Seoul in August 2009.
"South Korean companies are traditional customers of Mechel's coal products. Strengthening business ties with progressive-minded companies such as STX Group are key to successful implementation of