Gazprombank provides funds for the construction of casting and rolling complex of OOO Tulachermet-Stal
Moscow, Russia. – IMH reports about the signing of a loan agreement between Gazprombank and OOO Tulachermet-Stal.
OAO Tulachermet, a company managed by OOO Management Company Industrial Metallurgical Holding («IMH»), owns a third of the share capital in OOO
On 19 June 2015 one of the preparation stages of the project financing was completed. In accordance with the approved decision to provide 20.0 billion rubbles for a period of 8 years for the construction of the casting and rolling complex, Gazprombank agreed to enter into the loan agreement to provide a loan facility with a limit of 158.0 million euros to finance the acquisition of imported equipment. The credit facility will become available after completion of certain procedures.
Production capacity of the casting and rolling complex will be 1.7 million tones of quality rolled products per year. The project is mainly aimed at import substitution. The main market will be the Central Federal District of Russia, where the company will have significant benefits due to convenient logistics and savings on the transportation costs. The casting and rolling complex is expected to be commissioned by the end of 2016.