Turkish integrated steelmaker Erdemir has announced that its discount rate of two percent for cash payment in all product groups has been canceled, effective from July 8, 2009. Moreover, the financing charge rate for deferred payment which applies for all products has been readjusted to two percent for loan contracts on TRY basis and to one percent for loan contracts on USD basis, on condition that the charge is paid within 31 days.
As SteelOrbis previously reported, on June 18, 2009, Erdemir had adjusted its discount rate of 2.5 percent for cash payment in all product groups downward to 2.0 percent, effective from June 17, 2009.