Mechel Reports Izhstal Getting Export Loan from Eximbank of Russia
Mechel PAO (MOEX: MTLR; NYSE: MTL), one of the leading Russian mining and metals companies, reports that Mechel Group’s Izhstal PAO and State Specialized Russian Export-Import Bank (joint-stock company) (Eximbank of Russia) (part of the Russian Export Center) signed a loan agreement for financing high-technology product manufacturing for export contracts.
Eximbank of Russia AO opened a credit line totaling 3.35 billion rubles for 2.5 years. Financing was made available in the framework of a state program on supporting export of high-technology products that Eximbank of Russia AO is implementing in joint effort with Russia’s Trade and Industry Ministry.
Izhstal PAO will use these funds to acquire raw materials for manufacturing products to be exported to European and Kazakh customers through Mechel Group’s own sales network.
“Izhstal has recently significantly expanded its range of high-technology products, and Eximbank of Russia AO’s financing will enable us to maintain a level of working capital necessary to increase production and export of such products. This loan is a sign of our state’s trust both in Izhstal and Mechel Group as a whole,” Mechel PAO’s Chief Executive Officer Oleg Korzhov said.
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