The Spanish financial group BBVA, the second largest Spanish bank in the world, announced that it granted the Mexican steel company DeAcero a “green financing” for $200 million with a maturity of 5 years. The interest rate was not disclosed.
It is “a simple 5-year loan that will be used to finance the acquisitions of steel for recycling (metal scrap) and/or renewable energy, the company's main inputs,” the Spanish bank reported in a press release.
Recently, DeAcero announced that it will invest $600 million for a new mini mill and a rolling mill of one million metric tons (mt) per year to produce structural profiles in the northern city of Ramos Arizpe, Coahuila. That plant will begin production in February 2026.
In addition, it will invest another $400 million to purchase equipment for the plants in Saltillo, Coahuila, and its Industrial Complex in Celaya, Guanajuato. The Saltillo plant is 8.0 miles from Ramos Arizpe.
DeAcero will also invest in the purchase of five Danieli brand metal scrap crushing plants. Four of them will have a production capacity of 50 mt/hour and one will have 100 mt/hour of crushing. The amount of this investment is unknown.