Strong demand leads Stemcor to upsize its first Asian syndicated facility to US$115,000,000

Stemcor (S.E.A) Pte Ltd. today announced the successful signing of its first Asian syndicated facility, a 1-year US$115 ,000,000 Committed Revolving Credit Facility (the “Facility”), which was significantly oversubscribed and increased from the initial launch amount of US$75,000,000. The Company is the Singapore-based subsidiary of the Stemcor Group, the world’s largest independent steel trader, and functions as the Group's sole trading arm in the Far East.

The Facility was arranged by ABN Amro Bank N.V., BNP Paribas, DBS Bank, The Hongkong and Shanghai Banking Corporation Limited, ING Bank NV, Standard Chartered Bank, Singapore Branch, Societe Generale Corporate and Investment Banking, and United Overseas Bank Limited (together the “Bookrunning Mandated Lead Arrangers”). Oversea-Chinese Banking Corporation Limited, Rabobank International, Singapore Branch, and Raiffeisen Zentralbank Österreich AG (RZB-Austria) Singapore Branch joined as Mandated Lead Arrangers whilst Union De Banques Arabes Et Francaises participated as an Arranger.

The Facility, which will be used for general corporate purposes and working capital requirements, will support the growth of the Company's business activities in the Far East. Stemcor SEAwas established in 1988 primarily to drive the development of the Group’s business in the region. Stemcor SEA, which in 2009 had a turnover of USD1.12bn and traded 3.5m tonnes of steel and raw materials, supplies all raw materials for production of steel, including iron ore, coke, scrap, and pig iron, trades the full range of steel products and provides collateral management services for its customers, all tailored to the needs of the Asian market.