14
Apr
11:14
Magona grapples with financing issues despite firm orders
The Liberty Steel Magona coil re-rolling plant in Piombino is enjoying strong demand and full order books, sources close to the company tell Kallanish. Keeping the plant running however has become challenging due to the lack of banks’ written guarantees.
No banks in Italy are said to be willing to work with Magona at present or to provide guarantees. Sales and purchases are currently implemented on an upfront cash payment basis. The company is now working w…
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Anonymous
Very good overview of the weekly steel market.
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