Mechel OAO signs strategic partnership agreement with Posc

Mechel OAO announced that it has signed an Agreement of Intent with a South Korean company, Posco.

Mechel OAO and Posco, one of the largest steel producers in the world, signed the Agreement of Intent. The Agreement was signed within the framework of the official visit of the president of the Russian Federation, Dmitry Medvedev, to the Republic of Korea.

The Agreement of Intent was signed by Igor Zyuzin, chairman of Mechel’s board of directors, and Chung Joon-yang, chief executive officer of Posco.

The Agreement was signed in order to establish mutually beneficial strategic partnership between the companies. It is noted in the document that the parties consider it to be expedient to collaborate on a long-term and mutually beneficial basis on the promotion of products produced by Mechel’s affiliated companies and Posco, and implementation of potential joint projects. In particular, the companies express their intention to examine and possibly implement projects in steel, mining and logistics in Russia, the Republic of Korea and third countries.