Finland. Outokumpu Oyj

A loan totalling SEK 323 million signed in 2001 with an 8-year-maturity has been extended by 7 years. The loan was provided for investments in the chrome mine in Kemi. The investments concerned replacing open-pit mining with underground mining, a shift that increased production capacity by approximately 80%. The project was fully completed according to plan.

The Kemi mine produces ferrochrome, the main alloying element of stainless steel. The chrome mine is the only one in the EU and a very important source for European stainless steel manufacturers.

Outokumpu manufactures a range of cold- and hot-rolled stainless steel products, including coils, sheets and plates, quarto plates, thin strips, and long and tubular products.

The Lapland regional environmental authority granted the Kemi mine its permit in 1999 and the shift to underground mining was not deemed by the authorities to warrant a re-approval or a requirement to conduct an environmental impact assessment. The change of operations was covered by the existing permit. Today the project has been completed and operations at the Kemi are being conducted in compliance with the existing permits.