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Metalloinvest announced the opening of sustainable finance credit line

Steel News - Published on Thu, 18 Apr 2019

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Metalloinvest a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel announced the signing of a loan agreement with ING Bank in the amount of up to USD 100 million (or EUR equivalent) until 30 November 2020. The terms of the agreement state that the interest rate of the ‘Sustainability Improvement Loan’ depends on the level of the Company’s Corporate Social Responsibility (CSR) rating and may be reduced if Metalloinvest’s rating indicators improve.

Mr Alexey Voronov, Finance Director of Management Company Metalloinvest, commented that “Sustainable development (ESG) is an integral part of Metalloinvest’s strategy and is essential to the Company’s long-term competitiveness. In 2018, Metalloinvest received a debut CSR rating of ‘Silver’ medal from EcoVadis, the international independent rating agency. Today, we are pleased to announce the opening of a sustainable finance credit line, which is an example of the Company's continued commitment to sustainable development. In cooperation with ING Bank, Metalloinvest has become one of the first companies in Russia to sign an agreement of green finance nature. This credit line stimulates the improvement of the Company's ESG performance and provides an additional source of liquidity.”

Mr Mikhail Chaikin, CEO of ING Bank in Russia, commented that "We are delighted to complete the first EcoVadis-linked loan in Russia with Metalloinvest. The Company has put sustainability very high on its strategic agenda and set an ambition that reflects ING own vision and aspiration. ING is consistently deploying its international expertise in sustainable finance to the local market. We are really pleased with an opportunity to offer this innovative solution and further develop our long-term and constructive relationship with Metalloinvest.”

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Posted By : Rabi Wangkhem on Thu, 18 Apr 2019
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