Mechel, at one point on the brink of bankruptcy, has been in restructuring talks with its lenders for several years.
The company said the restructuring had been made possible by a credit line in euros from VTB Bank, maturing in April 2022.
"Refinancing the syndicated loan enabled us to reduce the share of the group's unrestructured debt from 22 percent to 8 percent," Mechel finance chief Nelli Galeyeva said in a statement.
(Reporting by Polina Ivanova; Writing by Tom Balmforth; Editing by David Goodman)