NORWALK, Conn.--(BUSINESS WIRE)--June 21, 2004--GE Commercial Finance, through its Business Credit unit, announced that it has financed Kentucky Electric Steel, LLC with a three-year, $15 million credit facility, which the company will use for working capital. With headquarters in Ashland, Ky., Kentucky Electric Steel, LLC recycles steel from scrap, a process designed to result in lower production costs than those of integrated steel mills, which produce steel by processing iron ore and other raw materials in blast furnaces. Their products are provided to the automotive, truck, trailer, building, cold drawn, and steel service center industries.
About GE Commercial Finance Business Credit
GE Commercial Finance Business Credit offers financing of up to $30 million and more, as needed, to manufacturers, distributors, wholesalers, retailers and service providers. Products and services include asset-based lines of credit, letter of credit facilities, acquisition financing, growth capital, bank loan refinancings, term debt and import/export trade services. For more information on the businesses and products of Business Credit, please visit www.gelending.com. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $220 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
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CONTACT:
GE Commercial Finance
Ned Reynolds, 203-229-5717
or
TorranceCo
Jim Marren, 212-786-6133
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340