OREANDA-NEWS. OJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company") announces that it has repaid in full and ahead of schedule investment loans it raised to fund construction of its steel plant in Turkey. As a result, MMK Group’s total debt was reduced by USD 403 million.

The decision to repay the outstanding debt of the project in full was taken as part of the Group’s programme to reduce total debt. This transaction will significantly improve the Group’s balance sheet (because the debts were secured loans) and reduce future interest payments.

MMK Group raised more than USD 1 billion in loans due in 2019 to fund construction of a plant in Turkey, which it launched in 2007.

Currently, MMK Group benefits from a low debt level, which is also reflected in its strong credit ratings and supports the Company’s financial strength in the current market environment.