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Russian steelmakers do not foresee any problems due to sanctions

Russian metallurgical companies do not expect problems with debt refinancing because of the worsening geopolitical situation and the threat of the new sanctions against Russia, according to the results of a survey carried out by Russian information agency RIA Novosti.

In general, experts in the market support the optimism of the metallurgists: tightening credit conditions are inevitable, but they believe there will not be any critical implications for the industry.

Vnesheconombank previously stated that it was forced not to refinance a syndicated loan as lenders dramatically tightened borrowing conditions.

“The companies with the highest loans – Mechel and UC Rusal – should have no difficulties due to the restrictions on foreign borrowings, as the companies shifted to Russian banks,”Juliya Oniksimova, BFA Bank analyst stated.

Other Russian steelmakers, Evraz and Severstal, predominantly have public debt and do not have repayments to make in 2014.

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