ICO grants credit to Acerinox
10 April 2018
The Institute of Official Credit (ICO) will collaborate in the financing of the new lines of the Acerinox plant in the United States. The ICO has granted a credit to Acerinox of approximately 100 million euros for a term of eight years, thus collaborating in the expansion of the North American Stainless (NAS) factory with the new production lines inaugurated in October.
Acerinox’s investment is focused on a bright annealing line of BA finish and a cold rolling mill in order to expand the range of final products that are manufactured out of stainless steel and have a brilliant finish. Acerinox’s goal is to become the main producer of this material in the United States.
The agreement was endorsed yesterday by the President of Acerinox, Mr. Rafael Miranda; Acerinox’s CEO, Bernardo Velázquez; and the President of the ICO, Pablo Zalba. Since its creation in 1990, the accumulated investment in the North American Stainless (NAS) plant exceeds 2,300 million euros. The factory melts almost half of the stainless steel in the United States.
Photo Caption: (From left to right:)The President of Acerinox, Rafael Miranda; the President of the ICO, Pablo Zalba; and the CEO of Acerinox, Bernardo Velázquez.
Image courtesy of Acerinox