The Russian steel company of billionaire Alexei Mordashov has announced on its official Telegram channel that, due to a lack of regulatory approvals still pending, Severstal is technically unable to pay the remaining interest on a loan related to bonds of Steel Capital S.A. for the amount of an issue of US$800 million maturing in 2024 maturing on March 16, 2022, and interest on a loan relating to the Issuer's Notes in the amount of an issue of US$750 million maturing in 2022 maturing on 17 April 2022.
"Severstal remains committed to meeting its loan obligations under the 2024 Notes and the 2022 Notes and has sufficient funds to do so," the company said in a statement.
Recall that at the end of March, Severstal became the first Russian company to technically default on Eurobonds, after failing to make a coupon payment of $12.6 million on bonds worth $800 million. The payment was frozen by Citibank's correspondent bank.
