Emirates Steel seeks $600 mln market funding

Emirates Steel, owned by the government of Abu Dhabi, will tap markets for about $600 million in the first quarter of next year to fund expansion and consolidate debt, its chief financial officer said on Wednesday.

The company, which is held by Abu Dhabi Basic Industries Corp., also expects to complete a $700 million bridge loan extension by mid-October, pushing it back to next August. Emirates Steel took up the $700 million loan in May 2008 to fund the first phase of development at its Mussafah factory.

The second phase, expanding the plant, is due for completion by 2011.