Metinvest’s KhPW repays $39.5 million VTB Bank loan ahead of schedule

Thursday, 10 March 2011 16:48:40 (GMT+3)   |  
       

Ukrainian mining and steel group Metinvest Holding (Metinvest) has announced that its subsidiary Khartsyzsk Pipe Works (KhPW), specialized in the production of large diameter steel pipes for the oil and gas industry, has fully repaid a $39.5 million credit facility provided by VTB Bank (Ukraine) in June 2010.

Accordingly, the loan, originally due for repayment on May 31, 2013, was used to support Metinvest's working capital requirements.

"The repayment of the loan ahead of schedule is fully in line with our strategy of decreasing the senior secured share of the company's total debt and further strengthening our balance sheet," said Metinvest in its statement.


Similar articles

Local Chinese steel pipe prices mostly decline

28 Mar | Tube and Pipe

US OCTG exports up 26.8 percent in January

27 Mar | Steel News

India’s VSTL setting up greenfield steel pipe making unit in Odisha

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

India’s Welspun secures $62 million steel pipe supply contract in Saudi Arabia

26 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Canada initiates review on line pipe from S. Korea

25 Mar | Steel News

India’s Welspun and Saudi Arabia’s Aramco terminate steel pipe supply contract

25 Mar | Steel News

US and Canadian rig counts both decline week-on-week

22 Mar | Steel News

US structural pipe and tube exports down 41.7 percent in January

22 Mar | Steel News