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Signature(s)

Amount
€ 300,000,000
Countries
Sector(s)
Austria : € 300,000,000
Industry : € 300,000,000
Signature date(s)
28/06/2024 : € 300,000,000
Link to source

Summary sheet

Release date
1 July 2024
Status
Reference
Signed | 28/06/2024
20230811
Project name
Promoter - financial intermediary
VOESTALPINE STEEL INNOVATION RDI
VOESTALPINE AG
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 350 million
EUR 779 million
Location
Sector(s)
Description
Objectives

The project will support the promoter's research, innovation and development (RDI) programme over a 4-year-period (2024-2028). R&D activities focus on: - smarter iron and steelmaking processes with a lower footprint; - new high-tech steel and special steel products.

The aim of the RDI investments is to support the promoter's long-term competitiveness, maintain its technological leadership, create new innovative steel products and develop steel manufacturing processes with lower footprints by, among others, adapting its product portfolio to customer requirements and key industry trends.

Additionality and Impact

The project fully supports the Bank's Public Policy Goal 'Innovation, Digital and Human Capital - Research, Innovation and Digital' and partially CA&ES climate mitigation - RDI. The project concerns private sector RDI for (i) smarter iron and steelmaking processes with a lower footprint and (ii) new high-tech steel and special steel products. While the outcome and ultimate commercialisation of R&D activities are highly uncertain the supported project is associated with positive knowledge externalities. They are generated through the promoter's collaboration with customers, other steel producers, universities and research institutes. In addition, the outcome of the R&D activities, if successful, will as well lead to multiple positive environmental and climate externalities. Given the wide range of sectors in which the promoter's products will be used, the knowledge spill-overs will generate benefits for society and for many sectors of the economy that are greater than those captured by the investor's financial returns. The Bank's contribution to the project is underpinned by a combination of advantageous terms, a meaningful loan amount as well as a signalling effect in terms of confidence in the business model, thereby facilitating the project's financing and full implementation.

Environmental aspects
Procurement

RDI activities will be carried out in existing facilities without changing their already authorized scope and hence are not expected to require an Environmental Impact Assessment (EIA) under the directive 2014/52/EU amending directive 2011/92/EU. It will be assessed during appraisal if any of the R&D related Capital expenditures into scale pilots installation require an EIA or a screening decision. This is not expected to be the case.

The promoter is a private company not operating in the utilities sector and does not have the status of a contracting authority. It is thus not subject to EU rules on public procurement.

Milestone
Under appraisal
Approved
Signed
20 June 2024
28 June 2024
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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