MOSCOW, September 22 (RAPSI) - Steel giant Mechel and VTB bank have settled the bank’s 2.7 billion ruble ($41 mln) lawsuit amicably, Mechel’s representative announced at a Moscow Commercial Court hearing on Tuesday.

The court scheduled the next hearing in the case for November 18.

Mechel’s representative added that the out-of-court settlement would not come into effect immediately, but he did not specify the actual terms.

What is known, however, is that the companies settled the dispute by signing a supplementary debt restructuring agreement.

VTB, one of Mechel’s major creditors, filed a lawsuit on April 27 requesting that the company pay its debt under the December 27, 2010 loan agreement, which includes 121.2 million rubles ($1.8 mln) in principal debt and 2.5 billion rubles ($37.7 mln) in interest.

Mechel is a leading global mining and steel company and currently the most debt-laden in the sector. It was established in 2003 and comprises over 20 companies that produce coal, iron ore, steel, rolled product, ferroalloys, heat and electricity.