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. Last Updated: 07/27/2016

Combine Gets $50M

NOVOSIBIRSK, Western Siberia -- British firm Base Metal Trading has agreed to extend up to $50 million in credit to Kuznetsky Metallurgical Combine, the KMK press service said Thursday.

KMK press official Svetlana Pavlenko said the loan will be used to modernize production lines and improve turnover at the Novosibirsk factory.

The loan carries a 3 percent annual interest rate. KMK would not disclose the other terms of the loan.

KMK is operating under external management, which was imposed on the plant on Aug. 11 for 12 months.