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|Business sector:||Manufacturing and Services|
|Target Board date:||26 Nov 2012|
|PSD disclosed:||29 Oct 2012|
The EBRD is considering providing of EUR 50 million loan to the borrower, ABS Sisak doo, owned by Danieli & C. Officine Meccanice SPA, for the refurbishment of the existing production capacities and implementation of the new equipment and long term working capital. This investment programme in ABS Sisak will turn the Sisak plant into a state-of-the-art engineering steel making facility with the capacity of 500k tons of special steel per annum.
In addition to EBRD financing, IFC will be providing a parallel loan in the same amount.
In terms of production range and outputs ABS Sisak will be fully integrated with ABS Italy, the Danieli’s steel making division. The two facilities will be operated as a single plant providing ABS the competitive advantage of closer proximities to strategic markets.
ABS will introduce in Sisak a new Continuing Casting Machine, CCM, that will produce high section blooms. This will constitute an alternative to the current prevailing technology based on ingots as it offers significant material reduction and a faster production cycle.
Transition impact of the Project derives from:
ABS Sisak d.o.o.,a limited liability company established in Croatia, 99% owned by Danieli & C. Officine Meccanice SPA and 1% by Acciaierie Bertoli Safau S.p.A, Danieli steel making division.
Danieli ranks among the top three manufacturers of plants and equipment for the global steel industry in the world. ABS is one of the top three European producers of special steels. During 2011/2012 Danieli generated consolidated revenues of EUR 3.09 billion and Net Profit of 190 million, around 30% of total revenues are from steel making division. The company employs ca. 10,000 people worldwide.
EUR 50 million senior loan.
EUR 145 million.
Category B. Environmental and Social issues associated with the re-commissioning of an existing mini mill steel plant can be readily assessed and mitigated as part of an Environmental and Social Due Diligence (ESDD). The Bank together with the IFC undertook a joint ESDD of the Project.
The ESDD confirmed that the Danieli Group has the capacity to fully implement the Bank’s Performance Requirements (PRs). The Group is one of the leading suppliers of technology to the steel industry and at the forefront of developing Best Available Techniques (BAT) in the sector. As part of the ESDD a review was made of the ABS Spa Udine facility in Italy, a Danieli Group Company that will work cooperate with ABS Sisak and employ similar technologies. This confirmed the high standards employed by the Group.
A comprehensive investment program was undertaken between 2008-11 by the past investor together with IFC financing. This included the development of a new Electric Arc Furnaces (EAF), complaint under the EU Integrated Pollution and Prevention Directive (IPPC) requirements and an IPCP permit was issued by the Competent Authorities in Croatia. Due to economic situation, the facility closed in 2011 and all staff was laid off.
The re-commissioned ABS Sisak facility, will in the medium term, re-employ around 500 staff at the facility and employ state-of-the-art-technology to ensure full compliance with the Best Available Techniques (BAT) requirements as defined under the EU’s 2010 Industrial Emission Directive (IED). Danieli is currently assessing the additional investment needed to ensure compliance with the latest BAT requirements, notably in terms of stricter air abatement as well as higher efficiency and recycling rates. The Borrower will employ similar if not more advanced, technology as at the ABS Spa plant in Udine in Italy. The Bank together with IFC have developed and Environmental and Social Action Plan (ESAP), which has outlined the operational requirements as given in the new IED BAT BREF Note for the sector. Given that the ABS Sisak plant was shut down, the Danieli is in the process of re-employing ormer staff and developing a new management structures. This will include the development of an Environmental, Health and Safety (EHS) management system and certification to ISO 14001 and OHSAS 18001 by 2015. A Stakeholder Engagement Plan (SEP) will be developed for the project in 2013 once the Company’s structure is fully developed.
The Company will develop a Non Technical Summary (NTS) of the project as part of the SEP implementation.
The Bank will monitor the implementation of the Project.
Mr Giuseppe Flaborea
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Last updated 29 October 2012