Hebei-based Chinese steel producer Tangshan Iron and Steel (Tangshan Steel) is to secure a total of RMB 1.7 billion ($269.84 million) in loans from six international banks including Deutsche Bank, ABN, DBS Group, Singapore Overseas Bank, NATEXIS BANQUE and HSBC, with Swiss-based global steel trader Duferco acting as guarantor, as reported by Chinese media sources.
In 2011, Tangshan Steel exported 1.07 million mt of cold rolled products via the sales channel of Duferco. Duferco is the world's second largest independent steel trader, mainly engaging in the production, distribution and sales of steel products.