Russia's state-run bank VTB has provided the Russian mining and steel producer Evraz Group and the pipe producer TMK Group (TMK) with one-year credit facilities totaling Ruble 10 billion (approx. $365 million) and Ruble 5.5 billion (approx. $201 million) respectively.
The loan granted to Evraz is to help it pay its regular taxes, and is extended to its subsidiaries Nizhny Tagil Iron and Steel Works (NTMK) and West-Siberian Steel Works (ZapSib), both receiving Ruble 5 billion.
On the other hand, VTB's loans for TMK have been granted in order to finance current activity and to provide additional capital for the company's three main subsidiaries; Seversky Tube Works, Sinarskiy Pipe Works and Taganrog Metallurgical Works.
Currently, TMK is negotiating with VTB regarding an additional loan of up to Ruble 1.5 billion (approx. $55 million). The negotiation is in its final stage.