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Hyundai Steel – ECA-backed financing
23 March 2009
ECAs in Korean 'deal of the decade'
Read more:
Korea
Hyundai Steel
ECA
Euler Hermes
Sace
Sinosure
ODL
OeKB
Finnvera
This deal represents the largest multi-ECA financing in Korea for the last decade and one of the largest financings completed in Korea last year. The deal shows an excellent level of commitment and is evidence that ECAs are not only doing deals in emerging markets but also in developed ones where their support is needed.
Hyundai Steel Company is the largest electric arc steel producer in Korea and the second largest in the world by production capacity producing 9.9 million tonnes per year. The company needed financing to construct eight MTPA blast furnace integrated steel mills in Dangjin, located on the west coast of South Korea. Hyundai Steel approached the banks to help finance the construction of the integrated steel plant which is has an estimated project cost of $5.5 billion....
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