Insurance from EXIAR to enable Chelyabinsk Metallurgical Plant to increase exports to Europe
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Chelyabinsk Metallurgical Plant (part of Mechel Group) have concluded a comprehensive export credit insurance contract for shipments of metal products. The deal will enable the plant to increase supplies of its products to Europe.
EXIAR will insure exports of the plant’s metal products to the European market under direct contracts with payment deferral. Under the terms of the insurance contract, the receivables owed by customers to the plant will be insured for the product purchase amount.
The export credit insurance provided to Chelyabinsk Metallurgical Plant will protect the company against the risk of non-payment by foreign buyers due to commercial or political reasons.
“The signing of the export insurance contract will enable us to supply products to European consumers on payment terms that work for both parties. Thanks to this insurance coverage, we will also be able to promote our products more actively on the European market and significantly strengthen their competitiveness”, Chelyabinsk Metallurgical Plant Sales Director Alexander Kashirin said.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
Chelyabinsk Metallurgical Plant is one of Russia’s largest fully integrated metallurgical enterprises for the production of high-quality steel. It is also the country’s primary producer of stainless steel. The plant is one of just a few companies in Russia to have been granted the right to use its own identification code for its products (“ChS” – Chelyabinsk Steel). The facility forms part of Mechel Group’s metallurgical division, managed by Mechel Steel.
Mechel is a global mining and metals corporation with over 70,000 employees. Its products are supplied to Europe, Asia, the Americas and Africa. Mechel brings together producers of coal, iron ore, steel, rolled steel products, ferroalloys, and heating and electricity. Every company within the group forms part of a single production chain, from the raw materials stage to high value-added final products.
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