According to local media reports, Bahrain-based high-grade iron ore pellet supplier Bahrain Steel has been granted a $450 million sustainability loan for its carbon reduction efforts from a consortium of regional banks for a period of seven years.
With the help of the loan, Bahrain Steel will build the world’s largest stockyard shed with rooftop solar panels and meet its working capital requirements. Moreover, the company will reduce its greenhouse gas emissions and facilitate its transition towards lower carbon production.
“Sustainability and social responsibility are core values of Bahrain Steel. Our partnership with the banks signifies a major advancement in our environmental, social, and corporate governance (ESG) ambitions. This strategic financing enables us to accelerate our efforts toward significant carbon footprint reduction and reinforces our commitment to sustainable practices in the steel industry,” Meshary Al-Judaimi, chairman of Bahrain Steel, stated.
As SteelOrbis reported previously, the company had launched substantial investment projects totaling up to $250 million as part of its ongoing environmental conservation and decarbonization efforts that will support its operations on a larger scale.