Fortis Bank NV Will Lend 10.7 Million Euro to MMK-METIZ

15.10.2009 — News

THE CHELYABINSK OBLAST.

Fortis Bank NV (Belgium) will take part in the upgrading of manufacturing facilities at OJSC MMK-METIZ, member of the MMK Group's steel and wire division. Under an export credit agreement, the bank will put up money for 85 per cent of the value of contracts for new equipment engineering, manufacturing, and delivery.

The plant has informed RusBusinessNews that the amount of the loan facility is 10.71 million euro, which corresponds to 11.2 per cent of the MMK-METIZ asset value; the credit line is opened for a term of at least 5 years.

OJSC MMK-METIZ produces wire, cold rolled strip, fixtures, ropes, electrode products, metal mesh, and sized mill products. The company supplies steel and wire products to machine-building and automobile works, fuel and energy sector, metal makers, building and construction industry.

In 2008, the investment in MMK-METIZ amounted to 357.5 million roubles. The funds were used for strengthening the competitiveness of the plant by way of enhancing the quality of the products and expanding the product range.