Erste Group and BCR lend Mechel EUR 30 million

Newsroom 12/04/2010 | 11:47

Erste Group and BCR have signed a EUR 30 million credit contract to the benefit of Mechel Campia Turzii, along with Mechel Targoviste and Ductil Steel, the lenders’ representatives have announced.

The borrowing agreement is a multi-borrower one for working capital financing, with material guarantees and a comfort letter from the mother company, Mechel OAO. The EUR 30 million credit represents the refinancing of a EUR 15 million credit to which is added a new credit line of another EUR 15 million.

“Steel production is a significant driver of the economy because of its contribution to exports, jobs, energy and raw material consumption that is generated at internal level. Mechel Group has over 7,000 employees in five companies in Romania and we think that it is BCR’s responsibility to support in this way the economy’s recovery,” said Diana Hudymac, manager of the large corporate clients division at BCR at group level.

According to Victor Dyshlevich, general manager of Mechel’s Eastern European metallurgical division, the agreement will help alleviate the effects of the current crisis and support the stability of the functioning rhythm of Mechel’s companies in Romania.

Anda Dragan


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