MOSCOW, December 16 (RIA Novosti) – Aluminum producer Rusal announced Monday that it has agreed a 15 billion ruble ($456 million) credit facility with VTB Capital, an arm of Russia’s state-controlled lender VTB.
The five-year deal comprises a credit limit of up to 10.1 billion rubles, equivalent to a previous VTB loan that Rusal repaid in November, and an additional borrowing limit of up to 4.9 billion rubles.
Rusal and its subsidiaries could use the extra credit could be used to replenish its operating assets, the company said.
Rusal, the world’s largest aluminum producer, has faced a difficult metals market, resulting in a 54.3 percent drop in the value of the company in the first half of 2013. Losses in the third quarter of the year more than halved from $458 million to $172 million, however, as the company cut costs and closed unprofitable plants.
