CSR receives 12.3m euros from Artrom

Combinatul Siderurgic Resita (Resita Steel Plant: CSR), which is owned by Russian group TMK, recently concluded a loan contract for 448bn ROL (12.3 million euros) with piping maker Artrom Slatina, which is held by the same group. Artrom”s legal representative, Adrian Popescu, said the loan would be used as working capital for the plant. The agreement was endorsed by an extraordinary general meeting of shareholders on June 25. The same EGM ratified the increase of CSR”s share capital by more than 8 million dollars (225bn ROL) by a contribution in cash from the majority shareholder, Sinara Handel GmbH. The capital increase was part of Sinara Handel”s investment commitments in the privatisation contract. Minority shareholders did not subscribe any of the shares offered, meaning that Sinara Handel”s stake went up from 73.97% to 75.76%. The stake belonging to the Finance Ministry, which previously owned 21.4%, was reduced to 19.93%. ZF