English
The shareholders of Mechel Târgovişte have approved the contracting of two loans of 50 million Euros each, together with three companies in the group - Laminorul, Ductil Steel and Mechel Câmpia Turzii. The loans will be taken from ING Bank and from UniCredit Ţiriac Bank, and the funds will be used for working capital and for the issuing of potential engagements, according to a press release that the company remitted to the Bucharest Stock Exchange.
On August 26th, the shareholders of the plant will also discuss the possibility of taking out two other loans, of 52.6 million Euros, from Banca Comercială Română and 30 million Euros from Bancpost. The loan from BCR will be used for refinancing some of the company"s loans, and the funds from Bancpost will be used as working capital.
Mechel Târgovişte has budgeted losses of 17.27 million lei for this year, almost nine times below last year"s losses of 155.16 million lei. The plant of Târgovişte is controlled by Russian metallurgic group Mechel, which owns 86.6% of the shares, whereas AVAS holds 4.04% of the shares.
Russian metallurgic group Mechel entered the Romanian market in 2002 and owns the plants Mechel Câmpia Turzii, Mechel Târgovişte, Ductil Steel Oţelu Roşu, Ductil Steel Buzău, Laminorul Brăila and Mechel Reparaţii Târgovişte.
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