Ukrainian mining and steel producing group Metinvest has announced that Spartan UK, its re-rolling plant based in Newcastle, UK, has secured a revolving £15 million ($20.21 million) commodity trade finance facility. The facility was arranged with the Bank of London and The Middle East (BLME), the largest wholly Islamic bank in Europe, and has an initial term of 12 months with an option for extension.
“This facility represents a series of important milestones for the group. Notably, this is our UK asset’s first commodity trade finance facility for several years. It is also the group’s first Islamic financing. Finally, the deal is further evidence of the global investor community’s belief in the Metinvest story, and we welcome BLME as a new and important partner for us,” stated Yuriy Ryzhenkov, CEO of Metinvest.