Picture © European Investment Bank 2017

The European Investment Bank has agreed a €60m (£53m) loan with German steelmaker Hüttenwerke Krupp Mannesmann (HKM).

HKM will use the capital to modernise an existing steel plant and install new equipment, which will reduce energy consumption and lower CO2 emissions.

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The funding was provided by the European Fund for Strategic Investments (EFSI), central pillar of the Investment Plan for Europe, or “Juncker Plan”.

Ambroise Fayolle, vice-president of the EIB responsible for Germany, said: “This financing demonstrates EIB’s strong commitment to supporting the development of high added-value projects while improving the environmental footprint at the same time.

“Europe needs a robust, modern and energy- and CO2-efficient industrial base for its future growth, its preservation of sustainable jobs and its competitiveness on global markets. This is our first transaction with HKM and I am delighted that, with the support of EFSI, the EU bank can help attract further financiers for investments in HKM. This is what the Investment Plan for Europe is all about”.

European Commission vice-president Jyrki Katainen, responsible for jobs, growth, investment and competitiveness, said: “Under EFSI 2.0, which was adopted this week, we will see even more projects in energy efficiency and clean tech with at least 40% of EIB projects contributing to climate action.”

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Gerhard Erdmann, managing director of controlling at HKM, added: “The project represents an important milestone for our company’s future and will contribute substantially to the saving of resources and reducing emissions.

“We are very pleased that we have qualified for EIB financing, as a result of our steady efforts in terms of technological development, high product quality and our strong focus on environmental protection.”