ArcelorMittal Kryvyi Rih will receive $100 million from the European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) will provide a $100 million loan to the Kryvyi Rih Mining and Metallurgical Plant ArcelorMittal Kryvyi Rih to replenish working capital.
"The loan will be used to finance the company's working capital needs. capital to ensure business continuity in Ukraine,” the bank said on Thursday.
According to him, the bank’s board of directors approved this project at a meeting on December 14.
The EBRD recalled that it had provided AMKR financed in 2017, developed a comprehensive Environmental and Social Action Plan (ESAP) and monitors its implementation by the ESAP, carrying out monitoring visits to the enterprise in recent years.
“In general, the company followed the implementation schedule and provided reports in accordance with the requirements. The provision of working capital as part of Ukraine's sustainability concept will allow, among other things, to continue investment plans and implement the current ESAP, which, in turn, will significantly improve the environment, health and safety of the population at the facility,” the bank noted.
The EBRD clarified that a key aspect of the current investment program is the modernization of the sinter plant, and this investment process is ongoing: work continues on the sinter lines, as well as on air purification facilities, however, some investments planned for 2022-2023 have been postponed due to - for the war and the proximity of the front.
ArcelorMittal Krivoy Rog is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, including rebar and wire rod, the owner of the company is ArcelorMittal.