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Emirates Steel secures $1.3bn loan

: Wednesday, June 11 - 2014 @ 00:11

Abu Dhabi’s Emirates Steel has said it has secured $1.3bn in credit facilities from 19 local and foreign banks, Reuters has reported. The funds will be used to refinance an existing $1.1bn facility and purchase assets, the company said. Emirates Steel plans to spend $263m on acquiring steel assets from its parent General Holding Corp (Senaat), an Abu Dhabi state holding company, as part of a consolidation designed to make the firm more competitive.

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Wednesday, June 11- 2014 @ 0:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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