OREANDA-NEWS. September 17, 2009. The committee under the chairmanship of the first prime-minister Igor Shuvalov approved state guarantee to Lebedinsky GOK, Mikhailovsky GOK, OEMK and Ural Steel at the meeting on Tuesday, the 8th of September.

State support will guarantee VTB bank credit line; the parties reached a preliminary agreement about it. The loan funds will be invested into production activities of the enterprises and their capital expenditures. All four plants have a positive credit history during which they never delayed performance of payment obligations on loans. At the end of the 1st half 2009 all plants had positive EBITDA.

Committee also stated that Lebedinsky and Mikhailovsky GOKs, OEMK and Ural Steel satisfy all government requirements for state support. The enterprises developed and implemented a set of crisis management measures and as a result sufficiently increased the efficiency of production by optimization of operation and reduction of administrative costs. Since the beginning of the world financial crisis all plants (Lebedinsky and Mikhailovsky ore dressing plants, OEMK and Ural Steel) have had no retrenchments and have carried out all social commitments.