Russian mining and steel group Mechel has announced the signing several loan agreements totaling $1 billion in value with Russian bank Gazprombank.
In Mechel's steel division, Beloretsk Metallurgical Plant signed a loan agreement for RUB 1.7 billion (approx. $54 million) and Urals Stampings Plant signed another agreement for RUB 1.6 billion (approx. $50 million). In the mining division, Yakutugol Holding Company signed a loan agreement for $490 million and Southern Kuzbass Coal Company inked a loan deal for $400 million.