Chusovoy secures Ruble 470 million credit line to replenish cash flow

Tuesday, 14 July 2009 17:31:44 (GMT+3)   |  
       

Chusovoy Steel Works, a steel producing subsidiary of Russian steel and pipe producer United Metallurgical Company (OMK), has secured a Ruble 470 million (approx. $14.6 million) credit line from Russian-based West-Ural Bank of Sberbank.
 
The credit line will be used by Chusovoy  for the replenishment of its cash flow. The mill's cash resources will be used to repay money owed to its suppliers and contractors.

Chusovoy Steel Works has a complete metallurgical cycle - from Kachkanar titanomagnetite crude ore to finished products. The factory has a blast furnace shop, a steelmaking duplex shop, two rolling mill shops, a ferroalloy shop, an automotive spring shop, and two auxiliary shops. The mill's open hearth shop has an annual capacity of 500,000 mt of steel per year.


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