The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that it has secured a Ruble 3 billion (approx. $102.2 million) non-renewable two-year credit facility from Russia's largest bank Sberbank.
The credit facility granted to MMK is to be used to finance the company's construction of its plate rolling mill 5000. The new mill, with an annual capacity of 1.5 million mt, is to produce plates with 4,800 mm width and with X120 strength characteristics for the oil and gas, shipbuilding, bridge building and machine building industries.
As a result, MMK will be able to further significantly strengthen its general operational efficiency, and to secure state-of-the-art production of high quality plates, meeting international standards and capable of successfully competing both in the domestic and export markets.
In its turn, Sberbank considers the credit line for MMK as another major step towards effective support of Russian strategic enterprises.