17 Aug 2011 16:28

Sberbank lending $530 mln to Tulachermet iron works

TULA. Aug 17 (Interfax) - Sberbank has opened two credit facilities totaling $530 million for OJSC Tulachermet, Russia's biggest pig iron exporter, to fund routine operations and top up working capital, the bank said.

The loans will consist of a four-year facility of $400 million and a five-year facility of $130 million.

Tulachermet, a member of the Industrial Metallurgical Holding (IMH), is capable of producing over 2 million tonnes of pig iron per year.

IMH controls metallurgical, coke and coal enterprises in Russia and Slovenia. They include coke producer Koks , Ufaleynickel, Tulachermet, metals companies Polema and Tulachermet-Vanadii in the Tula region, Rezhnikel in the Sverdlovsk region.