The Russian iron ore and steel producing company Metalloinvest Holding has announced that on Tuesday, June 29, it redeemed most of a loan which was partly backed by the guarantees of the Ministry of Finance of Russia. The loan was redeemed by disbursement from the company's own funds and through refinancing.
"The early redemption became possible due to the stable positive dynamics of the production and financial activities of Metalloinvest Holding. In the first half of 2010, the total loan debt of the holding's units decreased by $1 billion, amounting to $4.5 billion," Metalloinvest Holding's general director Eduard Potapov said.
As SteelOrbis previously reported, in October 2009 Metalloinvest's mining and steelmaking subsidiaries secured Ruble 61.5 billion (approx. $2 billion) in credit from Russian state-run bank VTB, which was partly backed by guarantees of the Ministry of Finance of Russia totaling Ruble 30.75 billion (about $1 billion).