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Erdemir group’s loan from EBRD pending signing

Published

October 16, 2015

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Published:

October 16, 2015

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The European Bank for Reconstruction and Development said its board approved a long-term loan of up to EUR 75 million (or equivalent in dollars) to Ereğli Demir ve Çelik Fabrikaları TAŞ (Erdemir) and İskenderun Demir ve Çelik AŞ (İsdemir). The group was incorporated in Turkey in 1960 and runs steel production facilities in Ereğli and İskenderun.

The proceeds will be used to support implementation of a series of energy efficiency measures at their production facilities located in Ereğli, in the Black Sea region, and İskenderun, in the country’s southeast. The improvements are part of the borrowers’ investment programme which will lead to significant savings in terms of greenhouse gas emissions and energy costs, EBRD said.

The expected transition impact of the project will be achieved through the demonstration effect of Erdemir’s integrated approach to industrial competitiveness on other Turkish steel producers and industrial players, and the contribution in defining strategic priorities for energy efficiency in the iron and steel sector, the project summary document adds. The deal is part of EBRD’s policy effort with the Ministry of Energy and Natural Resources for the development of a National Energy Efficiency Action Plan.

Erdemir group is the largest integrated steel producer in Turkey, EBRD said. With a total production of 8.5 million tonnes of crude steel in 2014, it accounted for approximately 25% of the country’s crude steel production.

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