Kinstellar has acted as Ukrainian legal counsel to public joint stock company ArcelorMittal Kryvyi Rih, Ukraine’s largest steel mill, in connection with a US$350m loan facility provided by the European Bank for Reconstruction and Development (EBRD).

According to the EBRD, it finances the largest private sector investment programme in Ukraine in recent years. The loan to ArcelorMittal Kryvyi Rih will allow the company to modernise its facilities for sintering and to reline one of the plant’s blast furnaces. The project supports ArcelorMittal Kryvyi Rih in reducing its carbon dioxide and other harmful emissions and, most significantly, will enable the company to reduce dust emissions from the current 14,700 tonnes per year to approximately 3,000 tonnes per year.

The loan facility has been structured as an A-loan of up to US$200m to be provided by the EBRD and a B-loan of up to US$150m that will be syndicated to commercial banks.