9 March 2011 // Press-centre Metinvest Group
Metinvest (“the Company”), the international vertically integrated mining and steel group of companies, announced that its subsidiary, JSC Khartsyzsk Pipe Plant, a producer of large diameter pipes for oil and gas industry, has fully repaid a US$ 39.5 million credit facility provided by VTB Bank (Ukraine) in June 2010. The loan, originally due for repayment on May 31, 2013, was used to support the Company’s working capital requirements.
Sergiy Novikov, Chief Financial Officer of Metinvest, commented: “We are pleased to be able to meet our obligations to VTB more than two years ahead of the due date. The repayment of the loan ahead of schedule is fully in line with our strategy of decreasing the senior secured share of the Company’s total debt and further strengthening our balance sheet”.
- Editorial notice and contact details:
Metinvest is an international vertically integrated mining and steel group of companies, operating assets in each link of the production chain from iron ore and coal mining and coke production, through to semi-finished and finished steel production, pipe rolling and coil production and production of other value-added products. The Group comprises mining and steel production facilities located in Ukraine, Europe and the USA and has a sales network covering all key global markets. The major shareholders of Metinvest are SCM Group (75% ownership) and Smart-Holding (25% ownership) partnering in Company’s management.
METINVEST HOLDING, LLC is the managing company of Metinvest Group.
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