MOSCOW, January 21. /TASS/. Mechel Group has reached an agreement to postpone payments on part of the principal from 2025-2026 to 2027-2030, which will allow lowering the burden on the company’s money flow, a company representative told TASS.
"Mechel Group has agreed on postponement of payments on part of the principal from 2025-2026 to 2027-2030. This will allow reducing the burden on the group’s money flow and ensuring financing of the current economic activities," he said responding to a request by TASS.
Earlier, Mechel and its subsidiaries published several decisions by the board of directors related to approval of a large-scale deal on a corporate information disclosure website without providing details.
Gazprombank and VTB are Mechel’s main creditors. According to 1H 2024 financial results under International Financial Reporting Standards (IFRS), Mechel’s net debt amounted to 262.5 bln rubles ($2.6 bln) as of June 30, 2024.
In 2023, Mechel and Chelyabinsk Metallurgical Plant that it owns entered into an amicable settlement with Gazprombank on restructuring of its loan liabilities to the bank. The agreement stipulates restructuring of a loan worth $320 mln.