The proposal is subject to shareholder approval at a meeting scheduled for September 26.
The bulk of the money will be used to refinance outstanding loans from Romanian bank BCR, TMK Artrom said.
TMK Artrom reported a loss of 1.2 million lei (EUR0.29 million) in the first quarter, on total sales of RON219.3 million.
The company is 92.6%-owned by TMK Europe, a division of Russia’s TMK.
At around 11:20 am Wednesday, TMK Artrom traded flat at RON1.25 a share in Bucharest. (EUR1=RON4.3907)