State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ signed a preliminary agreement providing for the possibility of purchasing 100% of the Amurmetall Group’s shares.
The documents were signed in the city of Khabarovsk in the course of a meeting over the Far East Development conducted by Russian Prime Minister Vladimir Putin.
In pursuance of the project “The Completion of OJSC Amurmetall’s Investment Program and the Restoration of its Financial Stability”, Vnesheconombank plans to purchase OJSC Amurmetall’s shares as well as open a credit line for OJSC Amurmetall.
Vnesheconombank’s participation in financing this project was approved by its Supervisory Board in June of 2009.
The implementation of the project would allow the Amurmetall Group to increase its production capacity from 1 million to 2.1 million tons of steel per year and secure its profitable operation and retain jobs in the Khabarovsk region.
The Amurmetall Group is included in the list of system-forming enterprises approved by the Governmental Commission on Sustainable Development of the Russian Economy. OJSC Amurmetall is the only modern steel-making plant in the Far East producing steel with the use of electric furnace steelmaking technologies. About 6100 workers are employed at the steelmaking plant.
Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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