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ArcelorMittal secures US$350M syndicated loan for Kryviy Rih upgrade

ArcelorMittal secured a US$350 million loan from The European Bank for Reconstruction and Development for modernization and environmental upgrades at the company's Kryviy Rih unit in Ukraine.

The loan will be structured as an A-loan of up to US$200 million provided for the bank's own account and a B-loan of up to US$150 million, which will be syndicated to commercial banks, according to a Dec. 21 news release.

The loan would help finance the ongoing investment at the steel mill, which will see the addition of two new continuous casters, along with improvements to the plant's competitiveness, energy efficiency and environmental performance.

"It is the largest private sector investment [program] in Ukraine in recent years," the bank noted.