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Emirates Steel secures $1.3bn loan

June 11, 2014 12:11 am

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.