VTB Bank has opened a three-year R6bn (US$190.6mn) revolving credit line for Russia’s Vyksa Steel Works, part of United
Metallurgical Company (OMK).

The funds will be used to finance Vyksa’s current operations and increase its working capital.

“A loan facility from VTB is an important landmark in building long-term co-operation between OMK and the bank,” OMK president Vladimir Markin says. “The cash will be extended on convenient terms, which is in line with our strategy of keeping our debt burden low.”

Yuri Soloviev, first deputy president and chairman of the management board at VTB Bank says: “It is very important for the bank to develop a partnership with OMK. The agreement with the Vyksa plant opens up new opportunities for long-term mutually advantageous co-operation with OMK as a whole.”

OMK exports to 30 countries and delivers directly to companies including Gazprom, Russian Railways, Lukoil, Transneft, Surgutneftegas, Rosneft, TNK-BP, ExxonMobil, Royal Dutch/Shell, General Electric and Samsung.