Rītausma Steel Constructions receives €2.24 million in development financing from Signet Bank

Rītausma Steel Constructions is one of the leading suppliers of metal rolling and metalworking services in Latvia, providing services to companies in various industries across Europe. Signet Bank has granted €2.24 million in financing to support the company's future growth and strengthen its competitiveness in international markets.

The company offers a full range of metalworking services, including laser cutting and plasma cutting, welding, metal bending, drilling, and the manufacture of metal structures and their components. Services are provided both in Latvia and internationally, covering production facilities in Riga, Daugavpils, Liepaja, Jelgava, Jurmala, Ventspils, Rezekne, Valmiera, Jekabpils, and Ogre. The company's 5000 m² production base and modern technologies ensure high quality services and products, promoting successful cooperation with customers in Latvia, Sweden, Belgium, Norway, Denmark, Estonia, and Lithuania.

“The financing provided by Signet Bank will allow us to continue investing in production development, technology modernization, and efficiency improvement. Competition in international markets is fierce, so it is essential to ensure both quality and flexibility in production processes," comments Vadims Podgurskis, Member of the Board of Rītausma Steel Constructions.

“The ability of manufacturing companies to compete in international markets is closely linked to investments in production capacity and modern technologies. With this financing, we are supporting the development and export expansion of Rītausma Steel Constructions, strengthening the company's competitiveness in foreign markets. As a local bank, it is essential for us to support companies that promote Latvia's export capacity through their activities," says Ineta Done, Member of the Board of Signet Bank.

About Signet Bank:

Signet Bank is Latvia's leading investment bank, founded in 1991 and one of the first independent banks in Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and companies. Since 2021, Signet Bank has attracted additional financing of EUR 1 billion for more than 50 Latvian companies through bond and share issues, while new lending transactions amounted to EUR 500 million. In 2024, the financial resources under management reached EUR 1.6 billion. Signet Bank is the leading organizer of corporate bond and share issues in Latvia and one of the leading stock exchange brokers in the Baltics. Signet Bank's shareholders are twenty-four Latvian and international private investors, the largest of which are Signet Acquisition III (22%), whose sole shareholder is US investor Alexander Solovey, SIA Reglink (14%), founded by banking professional Irīna Pīgozne, and AS RIT Group (11%), a Latvian company owned by the Rapoport family.