VTB Bank announced on Friday that it extended $32.8 million in three-year loans to three companies with the Lysva Metallurgical Group.
The companies include the Lysva-based LMZ and Lysva Enamels and the Togliatti-based Insayur Avtotrade-TL.
VTB said the loans are part of the bank's commitment to promote cooperation with the Lysva group and will help to support the companies' day-to-day operations.
"Lysva Metallurgical Group has been working with VTB for more than two years, and has proven to be a reliable borrower," Mikhail Oseevskiy, the deputy president and chairman of VTB Bank, said. "I am confident that our cooperation will remain productive, and will help the company implement its plans to build new production facilities."
VTB will provide the loans in tranches of up to one year. Previously, VTB extended $21.8 million in loans to the group.
Sergey Rezontov, the CFO of Lysva Metallurgical Works, said the loans should help to cover the group's needs for short-term financing.
"We view these loan agreements as the first step towards developing a long-term partnership with VTB that will enable us to build a sheet rolling plant at LMZ," Rezontov said. "These loans will allow us to achieve our strategic objectives by channeling in-house funds into building a cold rolling facility and a color coating line with print technology within LMZ's existing facilities."
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