Russian mining and steel producer Evraz Group has announced that it has secured $1.8 billion in credits from Russia's state corporation bank for development and foreign economic affairs, Vnesheconombank (VEB), in order to refinance the company's debts.
The credit lines include loans of $1.01 billion and of $800 million.
The first tranche granted to Evraz, with a value of $201.3 million, is to be used to refinance the company's short-term debt.
As SteelOrbis previously reported, on November 13 Russia's state-run bank VTB provided Evraz with a one-year credit facility totaling Ruble 10 billion (approx. $365 million), to be used for regular tax payments.