The Russian steel and iron ore producer Metalloinvest Holding (Metalloinvest) has announced that in November its subsidiaries made loan repayments ahead of schedule totaling Ruble 7.6 billion (about $246.2 million).
"From the beginning of 2010 our debt burden has decreased by $1.2 billion. As of December 1, 2010 Metalloinvest's total debt amounts to $4.2 billion," Metalloinvest's CFO Pavel Mitrofanov said.
"We continue optimization of our debt portfolio through reduction of loan volume, decrease of the average weighted-interest rate in accord with the market conditions and extension of the share of long-term credit loans. Metalloinvest's net debt to EBITDA ratio is expected to be 1.55 times by the end of year, which is a comfortable level," Mr. Mitrofanov added.