Turkey-based steel producer Karabük Demir Celik (Kardemir) has announced that it has signed a credit facility with Germany's KfW IPEX Bank to finance the foreign expenses regarding its railway wheel mill investment.
Repayments will not be made for the first three years of the 13-year credit facility which is worth €93.22 million.
Kardemir announced the railway wheel mill investment in August 2013. The company plans to produce 200,000 wheels per year once the new mill is operational.