Support for Russian metals firm – Report in the Guardian| Business | The Guardian

Interesting piece in the Guardian on support for the steel industry – albeit support to a Russian owned steel company….

Accounts for UK Export Finance show it gave buyer’s credit worth £80m to Russian iron ore company owned by billionaire

…A spokesman for Midrex said while Midrex UK was set up “partly at least” to take advantage of UKEF, British companies had benefited from its use of buyers’ credit.

“Under our contract, Midrex UK placed a number of subcontracts with various UK companies to supply equipment, goods and services as required under our main contract with Lebedinsky GOK,” a spokesman said.

“These subcontracts ran to tens of millions of dollars of work that was placed in the UK, which, in the absence of UKEF support, may not have all been won by the UK.”

Source: Taxpayers funded loans for foreign metals firm amid UK steel crisis | Business | The Guardian