November 25 (SeeNews) - Slovenian steel producer Slovenska Industrija Jekla (SIJ) plans to issue one-year commercial paper in the amount of up to 15 million euro ($15.6 million) in the first half of December, it said on Friday.
SIJ has invited investors to subscribe for the securities, which will be issued at a fixed annual interest rate of 4%, the steel producer said in a filing with the Ljubljana Stock Exchange.
The nominal value of each commercial paper will be 100,000 euro. The principal will be paid out in a single installment a year after the issue date.
In September, SIJ said it plans to reduce its monthly output by 40% in the fourth quarter of 2022 due to high energy prices. "In the first half of the year, the group still managed to regulate the price increases of energy products and raw materials with sales prices, which unfortunately is no longer possible for all production programmes," SIJ said back then.
The SIJ Group is the largest vertically integrated metallurgical group in Slovenia, occupying with its products leading positions on European and global niche steel markets.
($ = 0.95911 euro)