28 December 2017
Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies (jointly referred to as “Metinvest” or “the Group”), has announced that Spartan UK, its re-rolling plant based in Newcastle, UK, has secured a revolving GBP15 million commodity trade finance facility.
The facility was arranged with the Bank of London and The Middle East (BLME), the largest wholly Islamic bank in Europe, and has an initial term of 12 months with an option for extension.
Commenting on the development, Yuriy Ryzhenkov, CEO of Metinvest said: “This facility represents a series of important milestones for the Group. Notably, this is our UK asset’s first commodity trade finance facility for several years. It is also the Group’s first Islamic financing. Finally, the deal is further evidence of the global investor community’s belief in the Metinvest story, and we welcome BLME as a new and important partner for us.”
Commenting on the news, Chris Edwards, Head of Commodity Trade Finance of BLME said: “There is a gap in the European market for Sharia’a compliant trade financing and we are delighted to use our unique positioning in London and the Gulf, to work with Metinvest on this facility.”
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METINVEST GROUP is 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, Europe and the US, as well as a sales network covering all key global markets. The Group is structured into two operating segments, Metallurgical and Mining, and its strategic vision is to become a leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns above the industry benchmarks. For the nine months ended 30 September 2017, the Group reported revenues of US$6.2 bn and an EBITDA margin of 22%.
METINVEST HOLDING LLC is the management company of Metinvest Group.