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VTB steps up cooperation with Lysva Metallurgical Works

 
13 March 2014

© photoexpress.ru

VTB has extended a total of RUB 1.2 billion in three-year loans to three Lysva Metallurgical Group companies: LMZ (Lysva, Perm Territory), Lysva Enamels (Lysva, Perm Territory) and Insayur-Avtotrade-TL (Togliatti, Samara Region). These loans are part of VTB’s commitment to promote cooperation with Lysva group and will go towards supporting the companies’ day-to-day operations. The loans will be provided in tranches of up to one year. VTB has to date extended RUB 800 million in loans.

"Lysva Metallurgical Group has been working with VTB for more than two years, and has proven to be a reliable borrower. I am confident that our cooperation will remain productive, and will help the company implement its plans to build new production facilities," Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said.

"This facility should cover the group’s short-term financing needs. We view these loan agreements as the first step towards developing a long-term partnership with VTB that will enable us to build a sheet rolling plant at LMZ. These loans will allow us to achieve our strategic objectives by channeling in-house funds into building a cold rolling facility and a colour coating line with print technology within LMZ’s existing facilities," Lysva Metallurgical Works’ CFO Sergey Rezontov said.

For reference:

Lysva Metallurgical Works (LMW) includes Lysva Metallurgical Plant (LMZ, previously Polistil, Lysva, Perm Territory), Insayur-Avtotrade-TL (Togliatti, Samara Region) and Lysva Enamels (previously LMZ, Lysva, Perm Territory). LMZ is an exclusive producer of high-performance products, such as cold-galvanised sheet metal and polymer-coated cold-galvanised sheet metal used in the automobile industry, home appliances and construction structures. Insayur-Avtotrade-TL is the official distributor for LMZ’s products. Lysva Enamels makes enamel tableware and other consumer goods.

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