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23-01-14

Abu Dhabi's Emirates Steel eyes USD1.3 b loan

(MENAFN) Abu Dhabi"s Emirates Steel is seeking a USD1.3 billion loan from banks to refinance an existing facility and be able to buy assets, according to Arab News. The company is looking for a lower interest rate environment, a tactic deployed by other UAE-based firms who have sought to replace expensive financing taken out during the global financial crisis. One source aware of the transaction said: "The company (Emirates Steel) has strong cash flows and it can now switch from the high project-finance interest rate it secured earlier."