Minister: Russia’s Mechel ready to repay interest in full

MOSCOW, Mar 3 (PRIME) -- Russian metals giant Mechel is ready to repay all interest on loans to banks as its financial position is improving, Industry and Trade Minister Denis Manturov told reporters on Tuesday.

“The performance of the company is improving. This is why when it comes to Mechel’s debt, it decreased to U.S. $6.4 billion from $8.6 billion as of June 2014. And the company is ready to repay full interest on loans to banks,” he said.

The ministry expects Mechel performance to improve further, Manturov said.

Mechel has been in debt restructuring talks with its core creditors – Sberbank, Gazprombank and VTB Bank, for several months. On February 24 Mechel announced its plans to ask the government for help under an anti-crisis plan.

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