Ukrainian mining and steel producing group Metinvest has announced that Metinvest Trametal, its Italy-based reroller, will receive its first loan facility amounting to €15 million from Italian investment bank Cassa Depositi e Prestiti (CDP). The six-year term loan facility, with a two-year grace period, is being issued under an Italian government program guaranteed by SACE S.p.A., the state-owned export credit agency.
The company specified that the proceeds will be used to implement the capital expenditure program at Metinvest Trametal, including its edge trimmer project.
Metinvest Trametal is located in San Giorgio di Nogaro, in northeast Italy. Its quarto reversing rolling mill has an annual production capacity of 600,000 mt of high-quality hot rolled plates for use in shipbuilding, pipe manufacturing and for other industrial purposes, primarily using slabs produced at the group's facilities in Ukraine.
"Despite these challenging times, Metinvest remains focused on developing a sustainable business in Europe by investing in its asset base, IT modernization and the new HSE requirements caused by the Covid-19 pandemic. Such financing will help enhance Metinvest Trametal's product quality, production volumes and business efficiency. In turn, this will ensure the group's continued ability to meet customers' needs while improving its financial and operational performance," said Yuriy Ryzhenkov, Metinvest's chief executive officer.