EIB helps finance expansion of Acerinox plant in Cádiz with EUR 70m loan

Agreement will enable company to step up sustainable stainless steel production and help to create and safeguard jobs in Andalusia

The European Investment Bank (EIB) is granting a EUR 70m loan to Acerinox to help the company implement its modernisation strategy by upgrading its production processes. The new equipment will employ state-of the-art technologies enabling Acerinox to increase the production of high value added stainless steel products while at the same time reducing the consumption of supplies in its production chain. The agreement was signed in Madrid by EIB Vice-President Román Escolano and Acerinox’s CEO Rafael Miranda.

The schemes financed by the EIB will be implemented at Acerinox’s plant in Palmones, Cádiz, as part of an upgrading programme that will boost the company's competitiveness and strengthen its presence outside the country by increasing its exports. In this way, the project will help to promote economic growth in an EU convergence region, which will also benefit from job creation as the new productive systems will require 250 people to be hired during the execution phase and 55 to be taken on permanently. 

Specifically, the EIB loan will help to finance the installation of a new cold rolling mill and a new annealing and pickling line at the company’s Cádiz plant. These new facilities will enable Acerinox to design and manufacture high quality stainless steel products and surface finishes mainly using recycled raw materials. By increasing its cold rolling capacity the company will optimise its production processes and enhance its competitiveness.

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