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Mechel Says Hardware Production Upgrade Project to Get Funding from Russian Government

6:20AM ET 4/18/2019 MT Newswires
Mechel (MTL), a mining and metals company, said Thursday that it has received a low-interest loan from the Supervisory Board of Russia's Industry and Trade Ministry's Industrial Development Fund to upgrade the wire and rope production facilities at its Beloretsk Metallurgical Plant.

The loan is for RUB750 million ($11.7 million), which is half the total cost of the project. The loan's maturity is five years.

The project includes a large-scale technical upgrade of plant's wire and rope production facilities and installation of new level-type wire drawing equipment.

Price: 2.1100, Change: -0.0100, Percent Change: -0.47