The Russian steel producer Severstal has announced that it has secured a three-year credit facility in the amount of $300 million from Russia's largest state-owned bank Sberbank.
Accordingly, the loan proceeds will be used by Severstal for working capital purposes and for the refinancing of already existing debts of the company.
"These credit facilities will allow the company to further strengthen its liquidity and to extend its maturity profile. Sberbank facility is a reliable long-term source of capital which will be used to finance ongoing needs and replace some of our maturing obligations," Severstal's CFO Sergei Kuznetsov stated.