Metinvest B.V. (the Netherlands), the parent company of Metinvest mining and metallurgical group, has announced that Spartan UK rolling mill (Britain) had received a renewable line of trade funding in the amount of GBP15 million.

According to a company press release, the credit line is provided by Bank of London and the Middle East (BLME), the largest Islamic bank in Europe, with an initial term of 12 months and the possibility of its prolongation.

According Director for Trade Finance at BLME Chris Edwards, trade financing, consistent with the norms of the Sharia Islamic law, is not fully represented in the European market.

"Therefore, we are happy to use our unique position in London and the Gulf to work with Metinvest within this credit line," the banker said.

Metinvest CEO Yuriy Ryzhenkov, in turn, added that this is the first trade financing received by the British asset of the group in recent years, as well as the first Islamic financing for the company.

The main shareholders of Metinvest are SCM Group (71.24%) and Smart-Holding (23.76%), jointly managing the company.

Metinvest Holding is the managing company of Metinvest Group