BCR increases Mechel Group exposure in Romania

The Romanian Commercial Bank (BCR) has resolved to up by EUR 17 M the exposure of the Mechel Group in Romania, by issuing some guarantee letters at the request of Mechel Campia Turzii, Mechel Targoviste and Ductil Steel Buzau, according to a release by the bank. The higher exposure will support current activity, as well as investments efforts by the Mechel Group, primarily the upgrading of its production capacities. The issuing of the bank guarantee letters follows a EUR 30 M funding contract signed early in the year by the Erste Group and BCR to the benefit of the Mechel Group in Romania. “ (…) Our financial support refers to current operations, the jobs held by 7,000 people, as well as modernization of Mechel Group companies’ production capacities in Romania, including some major local investments,” Mirela Blidarus, industry coordinator at the BCR Group Large Corporates Department, said.

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