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Emirates Steel secures $1.1b financing

25 Aug 2010

(MENAFN) Abu Dhabi-based Emirates Steel Industries (ESI) announced that it has signed a $1.1 billion, seven-year project financing deal with nine banks, as it pushes ahead with capacity expansion, AP reported.

Emirates Steel is a subsidiary of government-owned Abu Dhabi Basic Industries Corporation (ADBIC).

The project finance was raised through a $733 million facility from seven conventional banks and a $367 million loan from two Islamic banks, the company said in a statement.

France’s Natixis acted as financial advisor and Denton Wilde Sapte as legal counsel on the transaction.

Emirates Steel has annual output capacity of 2 million metric tons now, with capacity expected to reach 3 million metric tons in 2011 through a $2.45 billion expansion plan.

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