Four Romanian units of steel maker Mechel to borrow EUR 100mn.

By bne IntelliNews June 22, 2011
Four Romanian subsidiaries of Russian steel group Mechel plan to contract two loans of EUR 50mn each from ING Bank and Unicredit Tiriac Bank, respectively, one of the units, Mechel Targoviste, said in a statement. The loans will be contracted by Mechel Targoviste in partnership with another three firms within the group - Laminorul, Ductil Steel and Mechel Campia Turzii. The loans will be used mainly as working capital and will be guaranteed with the companies accounts, inventories and future revenues. Mechel Targoviste's revenues surged 2.2 times to RON 322.5mn (EUR 76.3mn) in Q1, while its loss narrowed by 56.1% y/y to RON 12.6mn. The companys market capitalisation stood at RON 79.2mn (EUR 18.7mn) according to the latest quotations of the companys shares.

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