Yalian Steel Obtains RMB 10 Million Loan from China CITIC Bank
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/11 -- Yalian Steel Corporation (TSX VENTURE: YL) ("Yalian" or the "Company") announces that it has obtained a RMB 10 million (CAD $1.538 million) short term loan from China CITIC Bank.
The loan matures on February 17, 2012, and carries an interest rate of 7.872%, which was fixed at 120% of the prevailing benchmark rate in China. The loan will be used to fund working capital requirements of Yangzhou Yalian Steel Pipe Co., Ltd ("Yangzhou Yalian"), a wholly-owned subsidiary in China. The loan is secured by Yangzhou Yalian's machinery and equipment.
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality Longitudinally Submerged Arc Welded (LSAW) steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in city of Yangzhou, in the Jiangsu province of China. The first production line has a capacity of up to 200,000 metric tons per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing, C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe production that involves the bending and shaping of X-70 and higher grade steel.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Yalian's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Yalian Steel Corporation
Lan Shangguan
Chief Financial Officer
(604) 696-6388
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Datum: 10.08.2011 - 15:03 Uhr
Sprache: Deutsch
News-ID 1029514
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Packaging & Containers
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