Published: November 9, 2011
Erste loan funds four Romanian steel production sites.
Austrian bank Erste and its Romanian subsidiary, Banca Comerciala Romana (BCR), have approved a €50mn (US$67.9mn) loan to Russian coal and steel group Mechel.
The loan will provide four of Mechel’s steel production sites in Romania with working capital.
The banks have supported Mechel’s Romanian operations since 2007. Last year they provided the company with a €30mn loan. BCR also approved a €5mn overdraft.
Mechel started its operations in Romania in 2002 and has six sites in the country.