Severstal receives $20 million loan
Russian steelmaker Severstal will receive a $20 million loan from the Black Sea Trade & Development Bank (BSTDB) to use for purchasing equipment from two Ukranian producers for the improvement of its production facilities. Repayment of loan will be in 7 years. Severstal which is located in Cherepovets, northwestern Russia, has an annual production capacity of over 10 million tons. BSTDB has given more than $140 million loan, including the Severstal project, to the Russia.