Bloomberg reported that OAO Kuzbassrazrezugol, Russia second largest producer of coal for power stations will raise output of coking coal used to make steel as prices climb.

According to the company annual report the producer based in Kemerovo and controlled by Russian billionaire Mr Iskandar Makhmudov will boost output of coking coal concentrate 12% this year to 3.37 million tonnes.

It said overall coal output will drop to 47 million tonnes from 49.7 million tons as the company seeks to mine more efficiently. Exports will increase 3.4% to 25 million tonnes.

According to the report sales rose 2% last year to RUB 50.7 billion and net income was flat at RUB 7.4 billion using Russian accounting standards.

(Sourced from Bloomberg)