OREANDA-NEWS. August 19, 2009. Metalloinvest is to refinance its liabilities to Sberbank of Russia using a loan taken from Bank VTB, the company said in a statement. Metalloinvest has not specified the amount it owes to Sberbank, but a source familiar with the negotiations held by the parties told Reuters that around RUB 60 bn is at issue, the press-centre of FINAM reported.

Metalloinvest’s representative declined to comment on this information. “An agreement in principle has been reached with Bank VTB to fully refinance Metalloinvest’s obligations to Sberbank. Sberbank’s loan will be repaid in accordance with the earlier signed agreement by four monthly payments,” the company said in the statement.

The first payment will be made in August. “During the first half of 2009 operations related to iron ore and steel output and sales generated profits. This is particularly important for us that activities conducted by each ore and steel producer are profitable,” the statement quoted Metalloinvest CFO Eduard Potapov as saying.