Erdemir Steel Energy Efficiency (EBRD-47210)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 14, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Eregli Demir ve Çelik Fabrikalari T.A.S. and Iskenderum demir ve Çelik A.S.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 17.15 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 15.00 million
Converted using 2015-10-14 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 11, 2017

Disclosed by Bank Oct 16, 2015


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Project Description
This project finances support to Eregli Demir ve Çelik Fabrikalari T.A.S. and Iskenderum demir ve Çelik A.S. to implement a series of energy efficiency measures at their production facilities located in Eregli, in the Black Sea region, and Iskenderun, in the country’s south east.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Eregli Demir ve Çelik Fabrikalari T.A.S. is the largest integrated steel producer in Turkey. With a total production of 8.5m tonnes of crude steel in 2014, Eregli Demir ve Çelik Fabrikalari T.A.S. accounted for approximately 25 per cent of Turkey's crude steel production. It was incorporated in Turkey in 1960 and runs steel production facilities in Eregli and Iskenderun. The subsidiary Iskenderum demir ve Çelik A.S. is 95.07 per cent owned by Eregli Demir ve Çelik Fabrikalari T.A.S.
Contact Information
Company Contact Erdemir Group Credit Department E-Mail: investorrelations@erdemir.com.tr Tel: +90-216-578 80 61 Website: www.erdemir.com.tr ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.