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Emirates Steel to seek $700m loans in Q1 2013 to fund expansion
- United Arab Emirates: Saturday, October 13 - 2012 at 01:59
Abu Dhabi-based Emirates Steel Industries is planning to approach overseas lenders to fund most of a $1bn expansion, Bloomberg has reported. The steelmaker will seek as much as $700m in loans in the first quarter, chief financial officer Stephen Pope said. "We want to diversify our funding sources and attract international banks," Pope said. "We want to focus more on the export credit agency-backed finance and that will help bring down borrowing costs."
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