On March 6, Hyundai Steel signed a longterm coal supply contract with Russian coal supplier, Raspadskaya. According to the contract, Raspadskaya will supply amaximum of 300,000 tons of coal per year to Hyundai Steel.

Russia has the second largest coal reserve of 157 billion tons, which accounts for 18.2% of the global coal reserve. The Russian government announced the ‘2030 Coal Industry Development Program’ on January 2012, which is expected to increase annual coal
production in Russia by 430 million tons by 2030 compared to its 2011 production levels.