Belarus Iron and Steel Works is asking its lenders to postpone the payment of $70 million from this year to the next.
“On the verge of 2015 and 2016, when we had a difficult period, we did take the state aid. Now we are paying back interest on those loans. In 2018 we have to return everything. Thus we have asked to allow us postponing the payment till 2019. That’s $70 million”, the company CEO Alexander Savenyuk said.
According to him, despite the restructuring of short-term liabilities into long-term ones, BMZ still has a high loan burden.
“The thing is, that together with the price of products, prices of raw materials also increased. Our expenses increased. We have to keep constant the volume of funds that we handle to continue generating and restoring our financial condition”, he added. (Ukrainian metal)