It is reported that Russian steel producer NLMK has told lenders it no longer wishes to continue with its pre-export financing.

Russia Novolipetsk Steel has written to lenders this week saying that it no longer wishes to continue with a new pre-export financing.

The Russian borrower blamed market conditions for its sudden withdrawal from the capital markets.

NLMK initially approached borrowers before Christmas with a USD 500 million club.

(Sourced from www.tradefinancemagazine.com)