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NLMK raises EURO125 million for Efficiency Upgrades
Jul. 8, 2010 NLMK has signed a loan agreement worth EURO125 million with the European Bank for Reconstruction and Development (EBRD) to finance its Energy Efficiency Program.
The company said it plans to use the funds to finance construction of a 150-megawatt Utilization Power Plant. The plant will be fired using by-product gas from blast furnace operations. The company said some of the money would also be used to finance its planned integration of Pulverized Coal Injection (PCI) technology into its blast furnace operations.
“EBRD loan funds will help to lower the costs of the Capex projects that will improve the energy efficiency of our operations substantially, decrease CO2 emissions, and increase NLMK’s energy self-sufficiency by up to 56%,” said Galina Aglyamova, NLMK Group’s Financial Vice President..
Under the terms of the agreement, the EBRD will provide the funds in two installments for 3 and 5 year terms.