Russia's largest state-owned bank Sberbank has announced that it has opened a renewable multi-currency credit line for the Russian steel and pipe producer United Metallurgical Company (OMK) in the amount of €125 million until March 2013.
Accordingly, the framework agreement to this effect was signed with OMK's Novgorod-based pipe producing subsidiary Vyksa Steel Works (Vyksa).
The funds will be extended for the purpose of carrying out trade financing transactions via use of unsecured letter of credit to purchase steel for the production of large diameter pipes.