Spanish stainless steel producer Acerinox S.A. has announced that it will receive a €70 million loan from the European Investment Bank (EIB) for the modernization of its production processes.
Acerinox stated that specifically, the EIB loan will help to finance the installation of a new cold rolling mill and a new annealing and pickling line at its 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 optimize its production processes and enhance its competitiveness.
With this upgrading program, Acerinox will boost its competitiveness and strengthen its presence outside the country by increasing its exports. In this way, the project will also 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.