Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International Lenders
Mechel has just announced it has reached an agreement to extend the grace period and maturity of its USD 1 billion syndicated facility to the end of 2014 and 2016 respectively.
The process was coordinated by ING Bank N.V., Societe Generale and VTB Capital.
The agreement was signed on behalf of a syndicate of leading international banks, including ABN Amro, BNP Paribas, Caterpillar Financial Services Corporation, Commerzbank Aktiengesellschaft, ICBC (London) plc., ING Bank N.V., Natixis, Raiffeissen Bank International AG, Societe Generale, UniCredit, VTB.
Mechel announces that JSC "Elgaugol" project company has received the 150-million-dollar first tranche of the project financing for Elga Coal Complex’s first stage totalling 2.5 billion US dollars from Vnesheconombank.
Currently development of the rich Elga deposit is a key investment project for Mechel. Receiving these funds enables the company to continue working on this project regardless of market volatility and attain planned results as scheduled. “The quality of Elga’s coals and Elga’s geographic location make this project one of the most efficient in the world,” Chairman of Mechel OAO’s Board of Directors Igor Zyuzin said.
Mechel reports its participation in the 19th International Industrial Exhibition Metal-Expo’ 2013, which was held at the All-Russia Exhibition Center in Moscow on November 12-15, 2013.
Mechel announces that Vnesheconombank’s (VEB) Supervisory Board approved financing totaling 2.5 billion US dollars for the development of Elga Coal Complex (Republic of Sakha (Yakutia))’s first stage.
The terms of the financing call for Vnesheconombank’s funds to be used to complete the first phase of the Elga deposit’s development project. The first stage includes construction of a railroad and a mining and washing complex with an annual capacity of 11.7 million tonnes of run-of-mine coal by 2017. The project’s implementation will create over 5,000 new jobs.
Mechel announces signing an agreement for the disposal of Donetsk Electrometallurgical Plant AO.
Mechel announces signing an agreement with businessman Vadim Varshavsky for the disposal of 100% shares of Daveze Limited, which in its turn owns 100% shares of Donetsk Electrometallurgical Plant, for a nominal sum of 2,000 euro.
Mechel reports selling 100% of shares of British-based steel plant Invicta Merchant Bar and its debt to Mechel to privately-owned Helium Miracle 127 LLP for 1.1 million pounds sterling.
Invicta Merchant Bar is a steel plant producing round, square and strip long rolls of various steels, located on Britain’s south-east coast. It was part of Mechel Group since 2011. At the time of its stoppage in January 2013, it employed 78 people.
Mechel announces the launch of the universal rolling mill at Chelyabinsk Metallurgical Plant. Russia’s Prime Minister Dmitry Medvedev launched the mill in an official ceremony. The company’s and the plant’s management and other officials attended the ceremony.
The universal rolling mill is Russia’s first complex universal producer of high-quality structural shapes and rails of 12.5 to 100 meters long. The mill’s complex includes all necessary technological equipment and uses state-of-the-art rolling, correction, processing and quality control technologies. The mill’s capacity is up to 1.1 million tonnes of finished product a year. Investment in the project totaled some 715 million US dollars.
Mechel reports that the Group's Chelyabinsk Metallurgical Plant fulfilled the order for a new class of steel for helicopter-making. The order was placed by the Russian Helicopters holding.
High-quality steel was produced in November 2012. The product showed excellent results during preliminary technological testing and is currently passed to industrial production. This type of steel is necessary to manufacture particularly important joints in modern helicopter-making.
Mechel reports that hot testing of rail rolls production at Chelyabinsk Metallurgical Plant’s universal rolling mill has begun.
As part of hot testing, first rolling of R-65 100-meter rails was successfully conducted. This is the first type of rail rolls that the universal rolling mill is capable of producing. Further mastering production of rail steel products will be held as scheduled.
Mechel announces signing a coking coal supply agreement with China’s Sha Steel Group.
According to the signed agreement, Mechel Carbon (Singapore), trading subsidiary of Mechel OAO’s mining division, will directly supply Shasteel Group with 40,000 to 80,000 tonnes of coking coal a month from Russian Far East ports, starting from June 2013. Coking coal prices will be determined on a monthly basis.
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Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International LendersFriday, Dec 6, 2013 at 9:27 am
Thursday, Nov 28, 2013 at 12:30 pm
Tuesday, Nov 26, 2013 at 10:07 am
Tuesday, Nov 19, 2013 at 10:55 am
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