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.