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Posco, Mechel Sign MOU for Resource Development in Siberia
11/19/2010 - Posco and Mechel recently signed a memorandum of understanding for a partnership on resource exploitation and joint investments, ports modernization and infrastructure construction, review for construction of a steel mill to produce semi products in the mid-/long-term, and promotion of products.
Posco and Mechel recently signed a memorandum of understanding (MOU) for a partnership on resource exploitation and joint investments, ports modernization and infrastructure construction, review for construction of a steel mill to produce semi products in the mid-/long-term, and promotion of products.
Posco notes that Russia is a resource-rich country with the biggest deposit of iron ore (55 billion tonnes) and the second biggest deposit of coal (160 billion tonnes). The Far East-Siberian region is known for its high-quality coal and is in close proximity to the Korean Peninsula.
Mechel is one of the top five steel companies in Russia, and the biggest steel raw materials company that owns key coal fields in the Far East-Siberian region, such as Yakut and Elga.
Posco plans to secure a stable supply of materials by developing the resources in Siberia such as Elga coalfield together with Mechel. The current confirmed amount of coal in Elga is about 2.2 billion tonnes, and the production will begin from the end of this year.
Posco is also taking part in building and modernizing the port and infrastructure in the Far East region, which connects the Eurasian continent and the logistics and transportation hub of North East Asia.
Posco will first develop the ports of Posyet and Vanino, owned by Mechel, and then secure a route for resources to the three northeastern provinces in China, Mongolia, and Europe. Posyet is located 20 km away from China and North Korea, making it the closest port to the Korean Peninsula.
Posco and Mechel recently signed a memorandum of understanding (MOU) for a partnership on resource exploitation and joint investments, ports modernization and infrastructure construction, review for construction of a steel mill to produce semi products in the mid-/long-term, and promotion of products.
Posco notes that Russia is a resource-rich country with the biggest deposit of iron ore (55 billion tonnes) and the second biggest deposit of coal (160 billion tonnes). The Far East-Siberian region is known for its high-quality coal and is in close proximity to the Korean Peninsula.
Mechel is one of the top five steel companies in Russia, and the biggest steel raw materials company that owns key coal fields in the Far East-Siberian region, such as Yakut and Elga.
Posco plans to secure a stable supply of materials by developing the resources in Siberia such as Elga coalfield together with Mechel. The current confirmed amount of coal in Elga is about 2.2 billion tonnes, and the production will begin from the end of this year.
Posco is also taking part in building and modernizing the port and infrastructure in the Far East region, which connects the Eurasian continent and the logistics and transportation hub of North East Asia.
Posco will first develop the ports of Posyet and Vanino, owned by Mechel, and then secure a route for resources to the three northeastern provinces in China, Mongolia, and Europe. Posyet is located 20 km away from China and North Korea, making it the closest port to the Korean Peninsula.
