The Russian steelmaker Novolipetsk Steel (NLMK) has announced that its board of directors has approved the decision of the company to launch a ruble bond program.
Accordingly, the total value of NLMK's bond program, which will be traded on the Russian debt market, amounts to Ruble 50 billion (approx. $1.65 billion).
NLMK plans to use the proceeds from the placement of the bonds to refinance its short-term debt and for other corporate purposes.