OREANDA-NEWS. April 01, 2010.  Under the Credit Agreement signed in December of 2009, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ opened financing to OJSC Amurmetall (incorporated in the Amurmetall Group) by providing the first tranche of 383 million rubles.

Taking into OJSC Amurmetal’s difficult financial position and an acute shortage of working capital that threatens to shut down the plant altogether, Vnesheconombank considered it expedient to extend the first tranche for the borrower to fulfill all its obligations under the Credit Agreement.

The financing is designed to complete the investment program and restore OJSC Amurmetall’s financial sustainability.

The Amurmetall Group is included in the list of system-forming enterprises approved by the Governmental Commission on the Sustainable Development of the Russian Economy. OJSC Amurmetall is the only modern metal-making plant in the Far East that manufactures steel with the use of electric furnace melting technology. The production facility employs 4200 workers.