You are here: Home > Steel News > Latest Steel News > Metinvest...

Metinvest secures loan to finance new concaster at Ilyich Steel

Tuesday, 24 July 2018 16:09:05 (GMT+3)   |   Istanbul
       

The Ukrainian mining and steel producing group Metinvest has announced that it has secured a seven-year repayment buyer credit facility of some €43.2 million for its subsidiary Ilyich Steel, based in Mariupol, Ukraine. This facility is covered by an Austrian export guarantee issued by Oesterreichische Kontrollbank Aktiengesellschaft (OeKB). The funds drawn will be used to finance the construction of Ilyich Steel’s continuous casting machine No. 4 supplied by Primetals Technologies Austria GmbH, a part of UK-based plantmaker Primetals Technologies.

According to Metinvest, following the commissioning of the new continuous casting machine, expected by the end of this year, the existing ingot casting line will be taken out of operation and the blooming mill will be shut down. The launch of the casting machine will also enable Ilyich Steel to cut costs by reducing metal losses and energy consumption, while boosting output of crude steel and finished products.

The new equipment is designed to have a continuous casting production capacity of 2.5 million mt per year and will boost the steelmaker’s total annual capacity by 1.5 million mt to around 4 million mt, as the outdated continuous casting machine No. 1 will be shut down. As a result, casting production capacity will be balanced with existing hot metal capacity. Total investments in the project will be around $150 million. When implemented, the new machine will also help to improve the environmental situation in the city of Mariupol.


Similar articles

Metinvest’s Ilyich launches first phase of sinter plant gas cleaning system

26 Apr | Steel News

Metinvest expands its product range

19 Mar | Steel News

Metinvest to modernize blast furnace at Azovstal

29 Oct | Steel News

Azovmash and NKMZ modernize steel smelting complex at Donetsk Steel Works

19 May | Steel News

Metinvest tasks Ilyich to significantly increase output

14 Feb | Steel News

Metinvest targets annual steel output of 25 million mt in long term

08 Feb | Steel News

ArcelorMittal, Metinvest contribute most to Ukraine’s steel output growth in 2010

26 Jan | Steel News

Ilyich commissions sintering machine No. 8 after overhaul

10 Jan | Steel News

Metinvest’s Makiivka Steel applies new rebar rolling technology

22 Dec | Steel News

Metinvest’s Ilyich launches first phase of sinter plant gas cleaning system

26 Apr | Steel News