ICBC Signed Export Buyer Credit Agreement with Brazil Gerdau Group

Recently, syndication composed of ICBC and BNP Paribas signed export buyer credit agreement with total contract amount of USD 200 million with Brazil Gerdau Acominas Company. Both banks provide 50% of credit respectively for which, China Export Credit Insurance Company provides insurance. The credit will be used to purchase metallurgy equipment and technology provided by China Minmetals Corporation and China Metallurgical Construction Group.

The project is the largest ferrous metallurgy equipment and technology export project acquired by Chinese enterprises and also the largest export project of Chinese enterprises to Latin American Area so far.

Gerdau Group is the largest steel enterprise in Latin America and is ranked No. 13 in yield among global steel enterprises with annual steel output of 13.4 million tons. In of the end of 2004, the total assets of Gerdau Group reached USD 7.976 billion, net assets are USD 3.253 and annual sales income was USD 8.8 billion in 2004.