"The bridge loan matures end of 2009 but we are extending it into August 2010. We are also going to the market in first quarter 2010 for a consolidated borrowing," it told Reuters.
Additionally, the company's Board of Directors has appointed Gregor Müenstermann as the company's new Chief Executive Officer.
He was previously the CEO and Chairman of the Board of Arcelor Mittal Poland and Czech Steelworks Mittal Steel Ostrava.
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Emirates Steel to seek extra funding
- United Arab Emirates: Thursday, September 03 - 2009 at 12:48
Emirates Steel, owned by the government of Abu Dhabi, has said that the company seek $600m in the first quarter of next year, to fund expansion and consolidate debt. The company expects to complete a $700m bridge loan extension by mid-October, pushing it back to August 2010.
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StaffThursday, September 03 - 2009 at 12:48 UAE local time (GMT+4)
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