The CFO of Brazilian integrated steelmaker Usiminas, Paulo Penido, said the company is obtaining US$6bn from private banks to finance a US$14.1bn capital expenditures program through 2012.
"About US$7bn will be funded with our own resources and [for] the remainder we are going out to the market," Penido told reporters at a meeting in Rio de Janeiro on Wednesday (Oct 21).
In addition, Brazilian development bank BNDES is helping to fund projects with 900mn reais (US$398mn) and the Japan Bank for International Cooperation will loan a further US$550mn. The company also received US$400mn in eurobonds and US$600mn in pre-payments.
"Even in a difficult year the company has had good access to the market to raise the necessary resources," Penido said.
"I believe that with three high grades of investments from credit agencies and our stable plan of investments, we can say that there is credit available for companies with projects with their feet on the ground," he added
Usiminas is one of Brazil's largest steelmakers.
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