Corus initiated procedures for its new banking facility

Corus initiated procedures for its new banking facility

Last week the Anglo-Dutch steelmaker Corus, the largest steel company in Europe, aiming to fund its medium term operating capital needs, affirmed that they started discussions regarding the replacement of the current €1.4 billion banking facility to become overdue on January 30, 2004 with a new three year one. According market sources, company management is hoping to announce further developments soon. Until now, main terms of the new banking facility has been settled with coordinating banks.