POLAND – EBRD
May 1st, 2004
BY KEITH NUTHALLTHE EUROPEAN Bank for Reconstruction and Development (EBRD) has drawn up plans to lend Spanish steel group Celsa Euro 40 million to help restructure Polish steel mill Huta Ostrowiec (HO), which was liquidated in Summer 2003 having been placed in receivership. Celsa acquired HO's assets and has started a Euro 137 million modernisation programme to boost the mini-mill's competitiveness. Assuming the loan receives final approval, Euro 20 million would be lent direct to Celsa and Euro 20 million syndicated via Polish banks. An EBRD note said the plan ...
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