The facility has a five-year tenor with equal monthly repayments commencing after a 12-month grace period. The facility is secured by the export sales of steel products.
According to Alexander Andrianov, Member of the Board of Directors and Finance and Economics Director, OAO SeverStal, "The Company is pleased with the success of this facility arranged by Moscow Narodny Bank, which will be used to finance the investment program. Over the next 3-5 years the Company plans to implement a number of projects for the modernisation of its production facilities, with the aim to improve the quality of steel products and establish new lines for production of high value added products. It will allow, in its turn, to develop projects on manufacturing new kinds of products.
15 December 2003
|