On 13 April 2012 VTB Bank extended maturities of the credit facilities, previously granted to JSC Mechel’s subsidiaries, to 2015.
In November 2008 VTB opened one-year unsecured credit lines to the enterprises of Mechel-Mining, part of Mechel Group, totally worth RUB 13.6 billion. The loan funds have been granted to back the borrowers’ operations. The loan maturities were later extended to 2012.
VTB Bank and Mechel have a longstanding history of cooperation and mutual interest in further integrated development of the partnership. In April 2008, under the plans to implement Mechel’s promising future projects and development programs, VTB Bank and the mining company signed an agreement on the long-term and mutually beneficial cooperation.