BSTDB provides a new EUR 10 Million Loan to Metinvest
Strategic Financing to Aid Ukrainian Mining
The Black Sea Trade and Development Bank (BSTDB) is providing a new EUR 10 million short-term facility to one of the subsidiaries of Metinvest Group (jointly referred to as "Metinvest" or "the Group"), an international vertically integrated group of steel and mining companies.
The BSTDB loan aims to enhance the export of iron ore products of the Group by facilitating committed working capital financing. It will bolster Metinvest’s export capabilities and support its production continuity in Ukraine.
According to Dr. Serhat Köksal, President of BSTDB, "Financing for Ukraine is essential these days, and the Black Sea Trade and Development Bank is committed to supporting the nation's economic resilience. Our EUR 10 million short-term facility for Metinvest exemplifies this commitment, helping to sustain production and preserve employment and export capabilities. By facilitating the export of iron ore products to Metinvest’s key partners, we are not only supporting a vital sector but also contributing to the broader stability and growth of Ukraine’s economy during these challenging times.”
Commenting on the news, Yuriy Ryzhenkov, Chief Executive Officer of Metinvest, said: "We appreciate our strong partnership established between BSTDB and Metinvest and robust track record of cooperation with this international financial institution".
METINVESTis a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, the EU, the UK and the US, as well as a sales network covering all key global markets. For financial reporting purposes, Metinvest’s business is divided into two segments: Metallurgical and Mining. Forthe 12 months ended 31 December 2023, the Group reported revenues of US$7.4 bn and an EBITDA margin of 12%. For more information on Metinvest, please visitMetinvestholding.com.
The Black Sea Trade and Development Bankis an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visitwww.bstdb.org.
Contact:
Haroula Christodoulou
Phone: +30 2310 290533
: @BSTDB
