23 Mar 2009

NIB loan to Rautaruukki to finance environmental technology investments

A loan agreement signed by the Nordic Investment Bank and Finnish Rautaruukki Corporation provides EUR 30 million for financing environmental technology investments at the company’s Raahe works in western Finland.

The modernisation programme at Raahe will help the manufacturing process meet the latest technical standards and achieve a significant reduction of emissions to the air and discharges of suspended solid to sea water.

“The project will have a substantial positive impact on the environmental health of the area. NIB supports environmental investments aimed at decreasing threats to the ecology of the Baltic Sea region,” says Johnny Åkerholm, NIB President and CEO.

It is expected that the project will lead to a decrease of the emission of CO2, NOx, SO2 and dust to the air, as well as a reduction in suspended solids discharged to the sea. The Raahe works is located on the seaside of the Gulf of Bothnia, the northernmost arm of Baltic Sea. The investment will also decrease energy consumption at the plant.

The environmental part of the project is being allocated under the CLEERE and BASE lending facilities.

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

For further information, please contact
Mr Kim Krokfors, Senior Manager, Lending, at +358 10 618 0517