EBRD to provide $100 mln loan to Ukraine-based ArcelorMittal Krivoi Rog
MOSCOW. Dec 16 (Interfax) - The European Bank for Reconstruction and Development will provide a $100-million loan to JSC ArcelorMittal Krivoi Rog (AMKR), based in the Dnepropetrovsk region, to help finance the company's working capital needs.
"The loan will be used for financing of the working capital needs of the company to ensure the continuity of operations in Ukraine," Ukrainian media said, citing an EBRD press release issued on Thursday.
The EBRD Board of Directors approved the project at a meeting on December 14.
The EBRD provided financing to AMKR in 2017 and developed a comprehensive Environmental and Social Action Plan (ESAP), it said. The bank has been monitoring the implementation of the ESAP and has undertaken monitoring visits to the company in recent years.
A key aspect of the ongoing investment program is to upgrade the sinter plant, and this investment process is ongoing, with work on sinter lines in place as well as air abatement facilities, the EBRD said. However, some of the investments planned for 2022-2023 have been delayed.
AMKR is Ukraine's largest steel company, specializing in long products, such as rebar and wire rod. AMKR is owned by ArcelorMittal Group.