Yalian Steel Obtains US$5 Million Loan from China’s Beidahuang Agricultural Development

B.C.-based Yalian Steel Corporation announced that it has obtained a US$5 million loan from China’s Beidahuang Agricultural Development Limited. The loan will be used to repay the $US4 million aggregate principal and interest remaining on the US$4.7 million loan from Bank of China with an original due date of December 25, 2011. The remaining balance will be used to fund working capital requirements of Yalian’s head office in Vancouver. The loan is guaranteed by Yangzhou Yalian Steel Pipe Co. Ltd., a wholly-owned subsidiary in China. Yalian Steel Corporation is focused on the production of longitudinally submerged arc welded steel pipe to service Asia’s energy transportation infrastructure market.