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The first standstill agreement to negotiate $1.25 billion of syndicated loans, arranged in June this year, expired on September 16.

The UK-based steel trader expects to finalise its restructuring, repayment and refinancing plan by the end of this year.

“Stemcor continues to meet its obligations to lenders, paying interest as it falls due,” the company said.

Stemcor is currently restructuring, concentrating on its core activities in trading and distribution, and moving away from mining, stockholding and service centre activities.