Investment Plan supports innovation in steel sector with €150 million EIB loan to Salzgitter
The European Investment Bank (EIB) is providing €150 million to Salzgitter AG, one of the largest European steel and technology groups in Europe. The company will use the fresh funds to strengthen its competitiveness and increase sustainability through technological innovation and digital transformation. The financing of the EU bank is backed by a guarantee from the Investment Plan’s European Fund for Strategic Investments (EFSI). The project is also partially financed by an EU grant through Horizon 2020. European Commission Executive Vice-President Valdis Dombrovskis, responsible for An Economy that Works for People, said: “I am pleased that the EU, via the Investment Plan, is helping the steel industry to become more modern, digital and sustainable. By investing in research and development with this EIB financing, Salzgitter will improve its productivity and quality, ultimately benefitting the consumer.” The press release is available here. As of November 2019, the Investment Plan had already mobilised €450.6 billion of investment across the EU, and supported more than one million start-ups and small and medium businesses. EFSI-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobs compared to the baseline scenario. By 2022, the Investment Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.