Evraz could pass on Sberbank loan if market conditions don
NIZHNY TAGIL. Sept 3 (Interfax) - Steel maker Evraz Group does not plan to draw a Sberbank credit facility of 8.8 billion rubles if market conditions do not deteriorate, Pavel Tatyanin, Senior Vice President, International Relations, said during a webcast on Wednesday.
Evraz and Sberbank signed the deal at the beginning of August. "We haven't drawn a kopeck of it yet," Tatyanin said. "We arranged the facility in case we needed working capital. It's a safety net, just in case the market situation deteriorates," he said.
But Evraz won't be drawing the loan if the market does not deteriorate "because it is tied to fairly disadvantageous terms from the point of view of interest," he said.