Ruukki pulls in lenders as Outokumpu defies critics

21 May 2009

The recently launched Eu330m deal for Finnish metals group Rautaruukki (Ruukki) is gaining traction in the market, with a couple of commitments already in as syndications in the Nordic market continue to pick up pace. Stainless steel rival Outokumpu, meanwhile, is defying initial critics and books on its Eu600m refinancing could close within a week, according to bankers close to the facility.

Despite the struggle faced by steel producers worldwide as the demand for the metal has slumped — prompting lenders to shy away from the sector — the two companies have managed to attract commitments.

Outokumpu in particular had been tipped for rough ride in syndication, as its Eu600m ...

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