SEVERSTAL Severstal has agreed with Citi to extend the maturity of its $225mn revolving credit facility for three years, till 2024 (with an option for further extension till 2026).
The key feature of the transaction in the context of Severstal's sustainable development strategy is its ESG component, with financing terms linked to a number of KPIs that the company has been using over recent years.
Alexander Shevelev, Severstal'sCEO commented:
"We have repeatedly stated our commitment to minimizing our environmental footprint. Integrating sustainability KPIs into our financing sends a clear signal to our stakeholders that we take those commitments very seriously and are confident of success. Severstal already has one of the lowest GHG emission intensities in the industry and we are working to further reduce emissions by 3% by 2023 and by 10% by 2030/.
Maria Ivanova, President and Management Board Chair, AO Citibank, said:
"2021 saw significant growth of the ESG financing market in Russia, and we are excited that Severstal is part of this trend. Citi is strongly committed to supporting its clients in their efforts to reduce GHG emissions - supporting decarbonziation globally is at the core of our sustainability strategy. We congratulate Severstal on closing this important transaction.''
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OAO Severstal published this content on 04 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 February 2022 12:25:28 UTC.
