Yalian Steel Corp secures US$4.7 million loan from Bank of China
Yalian Steel Corporation (TSX-V: YL) ("Yalian”) has secured a US$4.7 million loan from the Bank of China to finance a new coating line at its steel plant and provide additional working capital.
The bears an interest rate of LIBOR plus 1.5% per annum, adjusted every six months.
"Obtaining this loan from the Bank of China allows us to fund
the new coating line," stated Edward (Bud) M. Siegel, Jr., Chairman and
Acting Chief Executive Officer of Yalian. "This loan also improves our
cash flow in 2010 as we begin to ramp up our sales and pipe production
activities."
"Yalian's JCOE LSAW pipe is compatible with the requirement of
infrastructure development in China - a focus of the Chinese
government. The cooperation with Yalian fits well into the Bank of
China's strategy of providing solid international financial service to
its customers by leveraging our global network. We have strong faith in
Yalian's future development, and will keep providing more support for
its growth," stated Zhu Guangda, Director of Bank of China (Canada).
The Bank of China is the largest state-owned commercial bank in China.
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