- New financing will strengthen Salzgitter´s research, development and innovation
- Funds of EU bank are supported by Juncker Plan
The European Investment Bank (EIB) is providing EUR 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 European Fund for Strategic Investments (EFSI). EFSI is a core component of the Investment Plan for Europe – also known as the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners to boost the competitiveness of the European economy.
EIB Vice-President Ambroise Fayolle, responsible for operations in Germany and EFSI, said: “The transaction will strengthen Salzgitter´s expertise and technical know-how in particular in the field of lightweight high strength steels for the transport industry, which is identified by the EU as a key enabling technology for advanced material. The investment will assist to safeguard about 750 jobs in Salzgitter’s research, development and innovation and indirectly support the company´s workforce in Europe of over 20 000 people.” And the VP added: “I very much welcome this new cooperation with Salzgitter, which is backed by the Juncker Plan, as this demonstrates Europe’s clear and strong engagement to support the industry in its digital transformation process.”
European Commission Executive Vice-President Valdis Dombrovskis, responsible for An Economy that Works for People, said: “I am pleased that the EU, via the Juncker 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.”
Salzgitter AG CFO Burkhard Becker: „The cooperation with EIB is an important factor for our group's R&D budget financing. Salzgitter AG ‘s long-term success is based on acting responsibly and conducting sustainable business. The EIB financing enables us to continue our intensive research and development activities towards innovative and sustainable steel making.”
The operation is also partially financed by national and EU grant support (Horizon 2020).
Note to editors:
Salzgitter AG
It is one of Europe's largest steel producers and the global market leader in the large-diameter pipes business. The Group operates cutting-edge and resource-efficient production sites in Germany and abroad. It consists of more than 150 subsidiary and holding companies and, headed by Salzgitter AG, is structured as a holding comprising the five business units of Strip Steel, Plate/Section Steel, Trading, Mannesmann and Technology.