MMK Pays MMK Metalurji’s Debts

19 July 2016 (13:08)

UrBC, Chelyabinsk, July 19, 2016. Magnitogorsk Iron & Steel Works reports the investment loan taken out by the company to finance the construction of the metallurgical plant MMK Metalurji in Turkey has been paid out ahead of schedule. As a result, MMK Group’s overall debt is now down to $403m.

‘The decision to pay everything back was made within the framework of the Group’s overall debt reduction strategy. The loan payout improved our balance considerably (since this had been a secured loan) and reduced our interest payments for the future,’ MMK says.

MMK Group embarked on the construction project in Turkey in 2007 and obtained over $1bn worth of loans to be repaid by 2019.

The Group’s debts are rather moderate at the moment, so MMK can enjoy good credit ratings and financial stability despite the current macroeconomic conditions.

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