Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that it has signed two long-term credit facility agreements with the Netherlands-based ING Bank. The funds will be used to purchase equipment for the implementation of investment projects at its subsidiary Ural Steel.
One of the agreements, an €11.5 million ten-year credit line will be used for the construction of the roller treatment furnace No. 1 and heat treatment machine No. 1. The second agreement, a €5.2 million eight-year credit facility will finance the modernization of Ural Steel's four-strand continuous casting machine No. 1.
Metalloinvest stated that the aim of the modernization of its facilities is to improve the quality of its rolled steel products and to increase the proportion of high value-added products in its portfolio.