FINANCIAL NEWS

Emirates Steel to raise $2b loan

10 May 2010

(MENAFN) The Chairman of Emirates Steel Industries said that the state- owned company is close to raising a $2 billion loan to fund the expansion of its projects, AP reported.

He said in an interview that the loan is a combination of Italian export credit, Islamic finance and commercial facilities and Emirates Steel expects to close the transaction next month.

Emirates Steel plans to use the loan for its phase one and phase two expansion projects, the company said in January. The enlargement will raise production of the plant to about 6.5 million tons a year within the next five years, the chairman said in September.

It is worth mentioning that Emirates Steel is wholly owned by Abu Dhabi?s state-owned General Holding Corp.

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