May 24, 1999

Lila White
(804) 692-3110

Jill Lawrence
(804) 371-0049
Governor Gilmore Announces Pittston's Renewal of Export Agreements with Brazilian Steel Companies
--Governor Gilmore participates in meeting with Virginia company and Brazilian steel industry leaders-

Rio de Janeiro, Brazil - At a meeting today at the Copacabana Palace Hotel in Rio de Janeiro, Governor Gilmore announced that Pittston Coal Company has renewed a sales agreement to export coal to Brazil’s major steel companies. The Governor’s announcement came in conjunction with a 13-day trade mission to Brazil, Chile and Argentina. Thirty Virginia business leaders are joining Governor Gilmore on the mission.

"I am pleased to take part in this signing ceremony that reinforces Pittston’s position as a valuable coal supplier to Brazil," Governor Gilmore said. "This company remains a stronghold in the coal industry and employs many hardworking Virginians in Southwest Virginia and the Richmond metropolitan area."

Pittston Coal Company, based in Lebanon, Virginia, is a unit of Pittston Minerals Group (NYSE-PZM) which is headquartered in Glen Allen, Virginia. Annual sales of Pittston Minerals are approximately $500 million.

Pittston’s exports to Brazil were approximately $45 million in 1998, making it the largest exporter of metallurgical coal to Brazil. Pittston exported nearly 1 million tons of coal to Brazil last year. Brazil is currently the number one export market for metallurgical coal from Virginia. Most of Pittston’s coal is mined in Virginia.

"This is a banner day for Pittston Coal Company, each of the Brazilian steel mills, and the Commonwealth of Virginia," President of Pittston Coal Sales Corporation David Everest said. "We and our Brazilian partners are very proud to have Governor Gilmore with us on this important occasion."

Brazilian steel companies that participated in the meeting include Usinas Siderurgicas de Minas Gerais S.A. (USIMINAS), of Belo Horizonte: Companhia Siderurgica de Tubaro (CST), of Serra; Aco Minas Gerais S.A. (ACOMINAS), of Ouro Branco; and Companhia Sidgerurgica Nacional (CSN), of Sao Paulo.

As the first Virginia Governor to travel to South America for trade development purposes, Governor Gilmore has planned meetings with numerous South American government officials and business leaders in Brazil, Chile and Argentina. High profile events and prospect meetings in these countries will help open new markets for Virginia products and services, port activity and agriculture.



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