Severstal Takes $454M Credit Lines
- Jul. 12 2013 00:00
- Last edited 21:05
Severstal, the country's second-biggest steel producer, said it had signed contracts with Sberbank for two revolving credit facilities amounting to 15 billion rubles ($454 million).
Severstal, controlled by billionaire Alexei Mordashov, said late Wednesday that the 9 billion and 6 billion ruble loans both had a three-year maturity.
"We have signed a credit line that will increase our pool of credit lines, which in turn will improve the financial security of the company. The funds will be used as needed," a company spokesman said.