Yalian Steel Obtains RMB 10 Million Loan from China CITIC Bank
August 10 2011 - 5:03PM
Marketwired
Yalian Steel Corporation (TSX VENTURE: YL) ("Yalian" or the
"Company") announces that it has obtained a RMB 10 million (CAD
$1.538 million) short term loan from China CITIC Bank.
The loan matures on February 17, 2012, and carries an interest
rate of 7.872%, which was fixed at 120% of the prevailing benchmark
rate in China. The loan will be used to fund working capital
requirements of Yangzhou Yalian Steel Pipe Co., Ltd ("Yangzhou
Yalian"), a wholly-owned subsidiary in China. The loan is secured
by Yangzhou Yalian's machinery and equipment.
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation
focused on the production of high quality Longitudinally Submerged
Arc Welded (LSAW) steel pipe to service Asia's rapidly growing
energy transportation infrastructure market. The Company has
recently completed construction of its initial manufacturing
facility in city of Yangzhou, in the Jiangsu province of China. The
first production line has a capacity of up to 200,000 metric tons
per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing,
C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe
production that involves the bending and shaping of X-70 and higher
grade steel.
This press release contains forward-looking statements based on
current expectations. These forward-looking statements entail
various risks and uncertainties that could cause actual results to
differ materially from those reflected in these forward-looking
statements. Risks and uncertainties about Yalian's business are
more fully discussed in the Company's disclosure materials filed
with the securities regulatory authorities in Canada. All amounts
are stated in Canadian dollars unless noted otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Contacts: Yalian Steel Corporation Lan Shangguan Chief Financial
Officer (604) 696-6388 www.yaliansteel.com
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