VTB Bank has provided a RUB 1 billion facility to Pervouralsky Novotrubny Works (ChelPipe subsidiary) for a term of 90 days. The funds were granted against the guarantee of JSC Chelyabinsk Tube-Rolling Plant (ChelPipe) to finance the company’s current operations.
VTB Bank and ChelPipe industrial group have been cooperating since 2005. Early 2008 was the most active lending period for the company. ChelPipe and its subsidiaries have always been performing all their obligations to VTB on a timely basis. According to Nikolay Ustinov, VTB Senior Vice President, “VTB is planning to extend cooperation with ChelPipe group”.
ChelPipe is one the leading industrial groups in Russian metallurgy. According to 2010 results, the company’s total shipment share accounted for 16.3% among Russian manufacturers.
ChelPipe Group unites the following ferrous industry companies: JSC Chelyabinsk Tube-Rolling Plant, JSC Pervouralsky Novotrubny Works, JSC Meta, a scrap metal storage and processing company, CJSC Trading House Uraltrubostal, a metal trade subdivision, and Rimera Company, an oilfield service division.