Marcegaglia Steel S.p.A., an industrial holding of Italy-based Marcegaglia Group and which manufactures and sells stainless and carbon steel products, has signed a six-year loan deal for €550 million, higher than the initial request for €450 million, with a pool of ten banks - Intesa Sanpaolo, UniCredit, Banco BPM, Bmps, BNP Paribas, Bper Banca, Crédit Agricole Cariparma, Banca Carige, Banca Popolare di Sondrio and Cassa Depositi e Prestiti.
The new line of credit is aimed at "creating new liquidity and improving the debt's maturity standpoint by strengthening the group's capital structure and at the same time giving it flexibility to face the new challenges of the market", according to a statement issued by Marcegaglia Group, which also added that the new financing "supports the Mantua-based industrial group, which is a leader in steel transformation, favoring its development programs in the metallurgical sector, also through new possible acquisitions and alliances".