Magnitogorsk gets $38m loan for cold mill

Magnitogorsk gets $38m loan for cold mill

Russia's Magnitogorsk Iron & Steel Works (MMK) received a $38 million loan to finance construction of its 800,000 tpy cold strip mill. The loan is being financed by the Russian affiliate of WestLB bank of Germany, MMK officials report. The two-stand reversing mill will be able to make coils of up to 1,650mm wide and will be equipped by SMS Demag of Germany. Total cost for the mill is estimated at $50 million.