Oryx Stainless Group, a Netherlands-based stainless steel recycling and trading company, has extended its syndicated credit lines ahead of schedule, securing EUR 110 million in asset-based financing. The agreement has a three-year term with an option for two additional years, and it can also be increased to EUR 130 million.

The funding will provide flexible working capital for the company's European operations and for commodity hedging.

The recently commissioned Oryx Stainless Malaysia site has been added to the agreement, with HSBC Malaysia also supporting the local project.

Chief Financial Officer Roland Mauss attributes the company's growth and development to its banking partners, saying this credit line allows it to become a global leader in stainless steel recycling.