25
Nov
00:00
Essar Steel raises debt financing to cut costs, boost competitiveness
Essar Steel has raised $1 billion in debt financing to pay off existing rupee-denominated debt. The move is aimed at dollarising debt so that it can be matched against Essar’s mainly dollar-linked revenues. This will also cut interest costs and increase competitiveness, Kallanish learns from the Indian steelmaker.
The financing was raised through long-term export securitisation and helps to reduce risk in Essar’s balance sheet. The firm has now d…
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Anonymous
Very good overview of the weekly steel market.
Anonymous