Frankfurt am Main (ots) – – Low-emission and energy-efficient steel mill technology – supplies from SMS group
With a loan of up to USD 150 million, KfW IPEX-Bank is helping to finance a new, state-of-the-art, energy-efficient reinforcing steel plant that is currently being built in Osceola, Arkansas.
The plant will be built by Hybar, a scrap metal recycling and steel production company that focuses on environmentally friendly steel production. The funds are largely used to finance the state-of-the-art, low-emission and energy-efficient steelworks technology, which is supplied by the SMS group with a high proportion of added value from Germany; this part is covered by the German export credit insurance Euler Hermes.
The plant has an extremely low carbon footprint, reducing emissions by up to 50 percent compared to other leading rebar plants. Furthermore, the plant is to be connected directly to a neighboring solar system in the future, thus enabling 100 percent operation with renewable energy.
Upon completion, scheduled for 2025, Hybar will be one of the most energy-efficient and environmentally sustainable rebar production plants in the world and will be the first rebar plant in the world to receive LEED (Leadership in Energy and Environmental Design) certification.
“Recycling and sustainable production of steel plays an important role in global decarbonization and the transformation to climate neutrality.” says dr Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank. “We are pleased to be able to support our new customer Hybar in this lighthouse project with our financing of German cutting-edge technology, and thus underpin our claim to further promote global projects of the energy transition with the help of the export of European technologies.”
About KfW IPEX-Bank
KfW IPEX-Bank is responsible for export and project financing within KfW Bankengruppe. With the structuring of medium and long-term financing for German and European exports, infrastructure investments and raw material security as well as environmental and climate protection projects all over the world, it supports domestic companies in key industrial sectors on the global markets. As a transformation bank, it finances future technologies to accompany the change to a sustainable society – in all three dimensions of economy, environment and social affairs. With demanding sector guidelines for CO2-intensive sectors, KfW IPEX-Bank ensures that its financing is compatible with the goals of the Paris climate protection agreement. With its GHG accounting, it is pursuing the goal of achieving a greenhouse gas-neutral portfolio by 2050. It has extensive industry, structuring and country expertise, assumes leading roles in financing consortia and actively involves other banks, institutional investors and insurance companies. It is managed as a legally independent group company and is represented in the most important economic and financial centers in the world.
Press contact:
Dela Strumpf E-Mail: dela.strumpf@kfw.de Tel.: +49 69 7431-2984 www.kfw-ipex-bank.de
Original content from: KfW IPEX-Bank, transmitted by news aktuell
Presseportal-Newsroom: news up-to-date GmbH
2023-08-15 08:44:49
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