JSW Steel received $ 700 million trade credit from the trading company Duferco
JSW Steel limited Indian steel company. Duferco International Trading Holdings, an international trading company registered in Switzerland. These companies signed an agreement. According to the document JSW Steel received $ 700 million of commercial loan from Duferco. It is the record sum for all history of national steel industry of India. To repay the debt, the Indian company will be in five years. To do it it will be supplying steel products. It will be implemented through the trading network trading company.
In the transaction participated by a group of international banks. Is Credit Suisse, Natixis, BNP Paribas, Standard Chartered Bank. Also participated Citibank, Mashreqbank, Societe Generale, ING. They were financed. Thus, JSW Steel will be able to diversify sources of funding. In addition, she will be able to raise funds on favorable terms. Also thanks to the transaction will be carried out expansion of exports. This will allow the company to better compete with other businesses.
It is known that lately, JSW Steel is going through difficult times. This is primarily related to deterioration in the external environment. The company had to deal with reduced exports of steel products. In the end, decreased its production volumes. A similar agreement with Duferco she was already concluded earlier. It happened in 2006. Then the amount of commercial loan was $ 150 million. Debt repayment was carried out for seven years. For today the indicator of the capacity of the plant is 18 million tons. This refers to a year.
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