Financial Services, Latvia, Loan, Markets and Companies, Metals Market

The company announced a competition for attracting LVL 112 million loan this past summer. However, due to the economic crisis, the company changed the project and the previously signed contracts, giving up intermediaries' services, which allowed it to cut the project's costs by half, informs Nozare.lv/LETA.

In the process of modernization, the company plans to replace its outdated machinery with new and modern equipment; it will also build a new plant for production of reinforcement bars.

Management at Liepajas metalurgs points out that after reconstruction, the company will operate the most up-to-date metallurgical production plant in Europe.

According to the company's statement at "NASDAQ OMX Riga" stock exchange, by the end of this year Liepajas metalurgs plans to attract EUR 68 million financing in the form of a long-term loan and EUR 17 million commercial loan. Modernization of the company's production plant is a mandatory precondition for it to be able to ensure successful operations and provide jobs also further on.