News Column

Emirates Steel obtains $1.3 billion ?credit facility

June 10, 2014

Abu Dhabi's Emirates Steel has obtained $1.3 billion in credit facilities, becoming one of a string of United Arab Emirates firms to lower its cost of borrowing as a strong economy encourages cash-flush banks to lend at low rates.

"The company has been able to significantly reduce its borrowing costs and drive the pricing down. We have also extended the loan tenor to eight years, which allows us more flexibility in managing our financial resources," said chairman Hussain Al Nowais said.

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Source: Khaleej Times (United Arab Emirates)

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