Nizhny Tagil Iron and Steel Works (NTMK), a subsidiary of the Russian steel producer Evraz Group, has obtained Ruble 750 million (approx. $21.4 million) in credit from Ural Bank for Reconstruction and Development (UBRD). The credit is to be used by NTMK for the expansion of its production facilities.
"Their production capacities and modern equipment allows steel producers in the Ural region to manufacture competitive products for which there is a stable demand both from Russian and international consumers; that is why it is important to ensure stable financing of production process. The issuing of credit to such companies as NTMK is one of the most important business priorities of our bank," reads the UBRD statement on the loan.