The proceeds will be used to implement the CAPEX programme at Metinvest Trametal, including the trimmer edge project. This is the debut term loan for Metinvest Trametal’s business development since the Group acquired the asset in 2008.
Metinvest Trametal is located in San Giorgio di Nogaro, in Northeastern Italy. Its quarto reversing rolling mill has an annual production capacity of 600 thousand tonnes of high-quality, hot-rolled plates for use in shipbuilding, pipe manufacturing and for other industrial purposes, primarily using slabs produced at the Group’s steelmakers in Ukraine. Metinvest Trametal’s headcount is around 300 employees.
On 8 April 2020, the Italian government approved the EUR200 billion Decreto Liquidità state emergency support programme under which CDP and other financial institutions and banks offer Italian companies capital financing guaranteed by SACE, which is backed by the Italian Republic. The programme provides businesses with medium- and long-term financing to support investments and activities in Italy following the COVID-19 pandemic. It is aimed at carrying out certain eligible investments in compliance with the provisions of the law applicable to CDP, as well as with its bylaws.
Yuriy Ryzhenkov, Chief Executive Officer, Metinvest:
“Despite these challenging times, Metinvest remains focused on developing a sustainable business in Europe by investing in its asset base, IT modernisation and the new HSE requirements caused by the COVID-19 pandemic. Such financing will help enhance Metinvest Trametal’s product quality, production volumes and business efficiency. In turn, this will ensure the Group’s continued ability to meet customers’ needs while improving its financial and operational performance.”