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Erste Group and BCR sign EUR 50 million loan with Mechel Group in Romania

Erste Group and BCR sign EUR 50 million loan with Mechel Group in Romania Erste Group Bank AG and its Romanian subsidiary Banca Comerciala Romana (BCR) are granting a EUR 50 million loan to four Romanian steel production facilities, part of the Mechel holding. In 2010, iron & steel was one of the top 10 fastest growing industries in Romania, expanding by 35.1%. Over the next decade, iron & steel production in Romania is expected to continue growing by 4.1% a year on average.

The loan agreement is one of multi-borrower, multi-currency type to finance the working capital, with collaterals (stocks and receivables) as well as with a letter of guarantee issued by the mother company Mechel OAO. The EUR 50 million represent the refinancing of some credits worth a total of EUR 35 million, to which a new financing line is added worth EUR 15 million.

In the conditions of a still difficult local economic environment for many local companies, BCR wants to build up a sound relationship with its clients based on the help it is prepared to give in such moments. The steel production is an important drive of the economy, both due to its contribution to exports, and to the new jobs, energy and raw materials consumption generated at the domestic level. Mechel Group is hiring over 7,500 people in 5 towns of Romania and we believe it is BCR responsibility to support in this way the economic recovery, stated Diana Hudymač - Executive Director of Group Large Corporate Division within BCR.

"The expansion of our relationship with Erste Group is based on the positive experience between Erste Group and Mechel’s Romanian production facilities, as well as on the solid corporate relationship we have.
We already have a solid base for further cooperation. The new increased facility, in the current market conditions, testifies to our longstanding relationship and is a sign of trust that Erste Group shows to Mechel Group", stated Yury Gushchin, general manager for Mechel East European Metallurgical Division

Mechel is one of the leading Russian companies; its business includes four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, ferrochrome, ferrosilicon, rolled products, hardware, heat and electric power. The holding has been present in Romania since 2002 through 6 metallurgical units: Mechel Targoviste, Mechel Reparatii, Mechel Campia Turzii, Ductil Steel Buzau, Ductil Steel Otelu Rosu and Laminorul Braila. Mechel’s products are sold in Romania and abroad. Key destinations for export are Czech Republic, Hungary, Germany, Italy, Poland, Turkey as well as neighbour countries such as Serbia and Bulgaria.

Overall industrial production in Romania (manufacturing, extraction and utilities) is forecast to rise by 7.5% in 2011 and expand by 6.3% in 2012, significantly above the world industrial production of 4.9% in 2011 and rise of 5.0% in 2012. Over the next 10 years industrial production in Romania is expected to grow on average by 5.7% a year, compared with a growth rate of 4.3% a year worldwide. Romania’s GDP is expected to rise by 1.4% in 2011 and expand by 1.9% in 2012.

Erste Group is one of the main suppliers of financial services in Central and Eastern Europe. More than 50,000 employees servicing over 17 million clients in 3,200 branches located in 8 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia and Ukraine). As of 30 September 2011 Erste Group has reached EUR 216.1 billion in total assets, an operating income of EUR 5,523.5 million and a cost-income-ratio of 52.4%.

Banca Comerciala Romana (BCR), member of Erste Group, is the most important financial group of Romania, including the operations of universal bank (retail, corporate & investment banking, treasury and capital markets) as well as the specialized companies on the leasing, assets management, private pensions, housing and mobile banking markets.

BCR is the No.1 bank in Romania according to assets value (over EUR 16 billion), No. 1 bank by its clients number and No. 1 bank by saving and lending segments. BCR is the most valuable financial brand of Romania according to client’s trust rate and the number of those for which BCR is the main institution they are banking with..

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And you ralley had to start this with I was born in Communist Romania.. ?! Is this the most important thing about you? Communism is a part of our history, deal with it.
AKAIK you've got the ansewr in one!
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