(MENAFN) Abu Dhabi's Emirates Steel said that it could gain as much as USD1.3 billion in credit facilities, becoming one of a string of UAE firms to lower its cost of borrowing, according to Arab News. The company also said that it plans to refinance an existing USD1.1 billion facility and buy additional assets by the facilities. Steelmaker's chairman Hussain Al-Nowais said: "The company has been able to significantly reduce its borrowing costs and drive the pricing down. We have also extended the loan tenor to eight years, which allows us more flexibility in managing our financial resources."