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Mechel inks 1-year supply deal with Chinese firm on Elga coal

Mechel PAO on Dec. 21 said it struck a one-year deal to supply coal from the Elga mine in Russia to China's Jidong Cement.

The Russian group will supply up to 3 million tonnes of steam coal starting this month, with prices to be settled on a monthly basis.

Mechel booked a net loss of 2.76 billion Russian rubles in the third quarter of 2016, swinging from a net profit of 7.99 billion rubles in the second quarter.

As of Dec. 20, US$1 was equivalent to 61.37 Russian rubles.