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On June 29, Turkish integrated steelmaker Erdemir announced that it has signed credit agreements with various banks for loans totaling $800 million and TRY 450 million ($284.44 million) over periods of six, seven and 10 years. The company will not make any payments for the next two years.
 
Erdemir said that it will use the funds in question to refinance its existing loans and the interest on those loans.