Italian reroller Metinvest Trametal has agreed a loan facility with Italy’s Cassa Depositi e Prestiti (CDP) for Eur15 million, according to Metinvest, a vertically integrated group of steel and mining companies.
The six-year loan facility, with a two-year grace period, is being issued under an Italian government program guaranteed by SACE, the state export credit agency, and Metinvest Trametal will use the funds to carry out its capital expenditure plans.
On April 8, the Italian government approved the Eur200 billion Decreto Liquidita state emergency support program, under which CDP and other financial institutions and banks offer companies capital financing guaranteed by SACE.
The program provides businesses with medium-term and long-term financing to support investments and activities in Italy following the COVID-19 pandemic.
“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,” Metinvest CEO Yuriy Ryzhenkov said.
Metinvest Trametal is located in San Giorgio di Nogaro, in northeastern Italy. Its rolling mill has an annual production capacity of 600.000 mt 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.
— Annalisa Villa
