Ukrainian mining and steel group Metinvest Holding has announced that its subsidiary Khartsyzsk Pipe Works, specialized in the production of large diameter steel pipes for the oil and gas industry has fully repaid USD 39.5 million credit facility provided by VTB Bank of Ukraine in June 2010.

Accordingly, the loan, originally due for repayment on May 31st 2013 was used to support Metinvest's working capital requirements.

Metinvest said that the repayment of the loan ahead of schedule is fully in line with our strategy of decreasing the senior secured share of the company's total debt and further strengthening our balance sheet.

(Sourced from www.steelorbis.com0