An international consortium of banks including ABN AMRO, Deutsche Bank AG and ING Wholesale Banking and Magnitogorsk Iron and Steel Works (MMK) have signed a EUR365m loan agreement for a 10-year term. The loan is covered by the insurance company Euler Hermes Kreditversicherungs-AG (Hamburg), representing the Federal Republic of Germany. The Russian top steel producer intends to use the raised funds to finance equipment supplies and services from the German company SMS Demag AG.