Bloomberg News

Novolipetsk Asks Russia for 32 Billion-Ruble Loan on Steel Mill

December 01, 2008

OAO Novolipetsk Steel, Russia’s biggest steelmaker by market value, asked the government for a 32 billion-ruble ($1.1 billion) loan to help build a steel mini- mill.

The Lipetsk, central-Russia based company applied for the loan from state lender Vnesheconombank, or VEB, in October and has not yet received a reply, an official said, declining to be named in line with company policy. Novolipetsk needs the cash to build a 1.2 million-metric-ton mill in Kaluga.

To contact the reporter on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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