BAKU, Azerbaijan, May 23. The Black Sea Trade and Development Bank (BSTDB) has announced a new EUR 10 million short-term facility extended to one of the subsidiaries of Metinvest Group, a renowned international conglomerate of steel and mining enterprises, Trend reports via the Bank.
This loan from BSTDB is strategically aimed at bolstering Metinvest's export of iron ore products by facilitating dedicated working capital financing. The infusion of funds will not only enhance Metinvest's export capabilities but also ensure the continuity of its production operations in Ukraine.
Metinvest, operating as a vertically integrated group, oversees every aspect of the value chain, from mining and processing iron ore and coal to the manufacturing and distribution of semi-finished and finished steel products. With production facilities spanning Ukraine, the EU, the UK, and the US, along with a comprehensive sales network covering key global markets, Metinvest stands as a formidable player in the industry. In the fiscal year ending on December 31, 2023, the Group reported robust revenues of US$7.4 billion and an impressive EBITDA margin of 12%.
Established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine, the BSTDB serves as an international financial institution committed to fostering economic development and regional cooperation. Headquartered in Thessaloniki, Greece, BSTDB channels its efforts into providing loans, credit lines, equity, and guarantees to both public and private sector projects and trade financing within its member countries. With an authorized capital of EUR 3.45 billion, BSTDB continues to play a pivotal role in driving sustainable growth and prosperity across the Black Sea region.
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