VTB Bank has provided a one-year RUB 500 million facility to Magnezit Group Ltd. The funds are granted on the terms of unsecured lending to finance the Group’s current operations.
Magnezit Group companies have been VTB customers since 2001, duly performing their obligations and liabilities to the Bank. VTB is a major lender to the Group, with total liabilities of Magnezit members amounting to RUB 1 billion.
For reference:Magnezit Group is an innovative company among the world leaders in manufacturing magnesia refractory materials. The company provides a full production cycle and marketing: from mining of raw materials to offering engineering and maintenance services. It is comprised of 15 enterprises in Russia, China, Germany and Slovakia.