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Acerinox SA Signs EUR 370 Million Factoring Contract-Reuters

Monday, 29 Apr 2013 01:48pm EDT 

Reuters reported that Acerinox SA had signed a syndicated factoring contract, or bank loan against its accounts receivable, worth EUR 370 million (USD 484.7 million) as part of an effort to reduce working capital and keep debt under control. The Company announced that the 18-month contract would keep a lid on its net debt, which stood at EUR 789 million in the first quarter, compared to EUR 1 billion in the same period the year before. 

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