NEW YORK Canadian coal producer Corsa Coal Corp. has entered into a long-term sales arrangement to provide South Korean steelmaker Hyundai Steel Co. Ltd. with low-volatility metallurgical coal.
The coal will be sourced from Toronto-based Corsa Coals Wilson Creek Mine in Somerset County, Pa., the miner said April 3.
The agreement follows successful test shipments of about 40,000 tons of low-volatility metallurgical coal to Hyundai Steels operations in Korea.
Once again, this demonstrates the quality of the Wilson Creek low-volatility coal we produce, and the importance of this coal in the domestic and international markets, chief executive officer Don Charter said.
Corsa signed a binding agreement in March that will give Houston-based Quintana Energy Partners LP a controlling stake in the company.
In addition to securing a 56% stake in Corsa Coal for $40 million, Quintana will hold a redeemable 25% interest in its wholly owned Wilson Creek subsidiary.