Metalloinvest (the "Company"), a leading manufacturer and supplier of iron ore products and hot briquetted iron in the global market, one of the regional producers of high-quality steel, announces the conclusion of an agreement with MUFG bank to attract ECA financing in the amount of 9.9 million euros.
The purpose of attracting financing is the implementation of an investment project for the technical re-equipment of CCM No. 3 at OEMK, the equipment for which will be supplied by INTECO melting and casting technologies GmbH. The insurance coverage is provided by the Austrian export credit agency Oesterreichische Kontrollbank AG. The agreement with the MUFG bank provides for equal repayment of the loan every six months for 10 years.
Alexey Voronov, Chief Financial Officer of the Company, commented:
“We regularly attract ECA loans for the purchase of foreign equipment under the guarantees of export agencies. Today we signed an agreement with MUFG Bank, which was our first deal to attract ECA financing using a framework agreement signed in August 2019 with twelve international banks. This procedure for interaction with our partner banks allows us to optimize the terms of preparation of documentation and the conditions for obtaining financing. "
