JSW inks $700 mn 'loan for steel' deal with Duferco

摘要

Steel major JSW Steel has signed an agreement with Switzerland- based Duferco International Trading Holdings to repay a $700 million loan with physical steel deliveries over five years, the steelmaker said. The deal, brokered by BNP Paribas, Citibank, Credit Suisse, ING, Mashreqbank, Natixis, Societe Generale and Standard Chartered Bank, is unusual for the steel sector, as steel is challenging to hedge due to a lack of a liquid futures market. "This unique financing structure provides JSW long-term funding to complement its plans for future growth secured by committed exports of steel products to DITH," JSW Steel said in a statement.