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OMK announced Monday it had secured a $60-mln loan from the International Finance Corporation
United Metallurgical Company (OMK) announced Monday it had secured a $60-mln loan from the International Finance Corporation. The OMK Group said the eight-year loan would be used to expand, diversify and modernize the Vyksa Steel Works, Russia's largest manufacturer of pipes and the world's largest producer of train wheels. The loan will also be used to refinance OMK's investment projects, the company said in a statement. IFC, an investment arm of the World Bank Group, has assisted OMK in developing a mid-term plan for 2006-2012 to improve environmental and social standards at its enterprises. Founded in 1992, OMK Group is one of Russia's leading producers of steel pipes for the oil and gas industry, railroads, metallurgical coke and other steel products. OMK comprises six large metallurgical plants. The company posted 2005 net profits of $257.8 million, up 37% on the previous year.
Print OMK announced Monday it had secured a $60-mln loan from the International Finance Corporation Bookmark OMK announced Monday it had secured a $60-mln loan from the International Finance Corporation

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