Metinvest, an international vertically integrated group of steel and mining companies reports that Metinvest Trametal, erratic Italian factory group, which first signed a loan agreement with the Italian Bank Cassa Depositi e Prestiti S. p.A ("CDP") in the amount of 15 million euros. A six-year credit line with a grace period of two years issued under the program of the government of Italy under the guarantee of SACE S. p.A. ("SACE"), the state export credit Agency, the initiative Garanzia Italia.
the funds will be directed for realization of the program of capital investments at Metinvest Trametal, including a project to install side cutter. Since the acquisition of the asset by the Group in 2008 is the debut of the long-term credit for the business development of Metinvest Trametal.
Metinvest Trametal Plant is located in San Giorgio di Nogaro in the North-East of Italy. His four-roll reversing mill (mill "quarto") has annual capacity of about 600 thousand tons of high quality hot rolled sheet metal that is used in shipbuilding, the manufacture of tubular products and for other industrial purposes, using as raw material mainly, the slabs produced in the Ukrainian assets of the Group. The number of staff of Metinvest Trametal is around 300 people.
on 8 April 2020, the Italian government approved the state program of urgent business support in the amount of 200 billion euros, within which CDP Bank and other banks and financial institutions offer Italian companies the financing of capital investments under the guarantee of SACE, and with the support of the Italian Republic. The program provides companies with the opportunity of obtaining medium - and long-term financing to support investment and business activity in Italy after the pandemic COVID-19. It aims to implement investments that meet the requirements of the law applicable to the Bank CDP, as well as relevant regulations.
Commenting on the news, Yuri Ryzhenkov, CEO of Metinvest, said:
– Despite the difficult times, Metinvest continued to focus on the development of sustainable business in Europe by investing in its assets, it upgrades and implementation of new requirements in the field of labor protection and industrial safety arising out of the pandemic COVID-19. This funding will help to improve the quality of the products of Metinvest Trametal, to increase production and enhance business performance. This, in turn, will enable the Group to continue to meet customer needs, while improving their financial and operational performance.
