Interfax reported that BNP Paribas and Societe Generale will arrange a syndicated loan of USD 1.5 billion loan for Novolipetsk Steel to refinance the debt of the Maxi Steel Group and for general corporate purposes.

A source in banking circles told Interfax that the syndicate has been joined by ABN Amro, Bank of Tokyo - Mitsubishi, UFG, Deutsche Bank, Fortis, SMBC, UniCredit and KBC and the syndication would be launched soon.

NLMK bought 50% plus one share in Maxi Group, a steel mini mill developer from the Sverdlovsk Region, for USD 600 million at the end of last year and has filed with the Federal Antimonopoly Service for clearance to buy the group's remaining shares from the group's founder Mr Nikolai Maximov.