The Russian steel producer Chusovoy Steel Works (Chusovoy), a subsidiary of United Metallurgical Company (OMK), has filed an application for a loan of Ruble 15 billion (about $511.7 million) to Russia's state-run corporation bank for development and foreign economic affairs, Vnesheconombank (VEB).
Accordingly, the funds in question will be used by Chusovoy for the implementation of a large-scale modernization of its production facilities, including the construction of a new electro-smelting shop with an annual capacity of 850,000-900,000 mt of continuous cast billet, and the construction of a new rolling mill with a capacity of 700,000 mt of finished products per year.
As SteelOrbis previously reported, in July 2009 Chusovoy secured a Ruble 470 million (approx. $16 million) credit line from Russian-based West-Ural Bank of Sberbank for the replenishment of its cash flow.