ICO will contribute to the funding of the new lines at the Acerinox plant in the United States
ICO grants a loan to Acerinox totalling €100 million over a period of eight years
ICO will provide Acerinox with financing totalling €100 million over a period of eight years, thereby contributing to the expansion of the North American Stainless (NAS) plant in the USA with the new production lines launched in October.
The Acerinox investment will focus on a BA-finish bright annealing line and a cold rolling mill, in order to expand the range of final products with increased added value and to manufacture bright finish stainless steel, thus becoming the main producer of this material in the United States.
The agreement, endorsed yesterday by Rafael Miranda, the Chairman of Acerinox, Bernardo Velázquez, its CEO, and Pablo Zalba, the Chairman of the ICO, contains highly competitive financing conditions and once again emphasises the Official Credit Institute¿s policy of internationalising its activity.
The Chairman of Acerinox noted that "this new equipment forms part of the company¿s Strategic Plan, and enhancing the ICO's presence within its group of funding bodies is a source of great support". The CEO added that "this agreement will enable us to reaffirm our leadership in the US market and increase our competitiveness".
The ICO Chairman, for his part, indicated that this transaction falls within the framework of "the plan to promote the international activity of Spanish companies currently being conducted by the Official Credit Institute as one of its priority objectives".
Since its creation in 1990, the total investment made in the North American Stainless (NAS) plant has exceeded €2.3 billion. The factory casts almost half the stainless steel manufactured in the United States, where it is the market leader.