Metalloinvest scoops Sberbank credit line
Russian steel firm Metalloinvest has won two R50bn (US$1.5bn) three-year credit lines from Russia’s Sberbank to secure the firm’s financial stability.
Sberbank will provide the loans to Metalloinvest subsidiary Mikhailovsky, the company says in a statement.
Metalloinvest deputy CEO and chief financial officer, Pavel Mitrofanov says: “Sberbank’s credit line opening provides the company with the opportunity to guarantee an additional source of liquidity in order to secure financial stability and sustainable development in volatile market conditions. The company has sufficient funds from operating activities and cash on its balance sheet to meet its obligations in terms of interest expenses and debt repayment in a timely manner.”