Serov Steel Works, a subsidiary of the Russia-based Ural Mining and Metallurgical Company (UMMC), has secured a credit line with a limit of $55.2 million from Gazprombank, the largest Russian non-state-owned bank, which is among the three largest banks in the country.
Accordingly, the credit will be used to fund Serov Steel Works' financial and economic activities. The loan term is until July 29, 2012 inclusive.
Serov Steel Works produces almost 400 grades of high quality long steel products, and is ranked second in the Russian domestic market for calibrated rolled steel products. The plant's products are supplied to Russian and foreign enterprises in the automotive, electrical, aviation, engineering and other industries.