Arvedi, the second largest Italian steel producer, is going to invest around Eur227 million for the green conversion of steel mills in Trieste and Cremona, the Italian government said on Jan. 28.
The intervention will take place with the support of the Ministry of Economic Development, which will grant through Invitalia, Italy’s agency for investment promotion and enterprise development, Eur50 million with a development contract that will be co-financed with Eur200,000 by the Friuli Venezia Giulia Region and with Eur500,000 by the Lombardy Region.
Arvedi a few weeks ago in a press note said it received a large “green loan” guaranteed by SACE, the Italian Export Credit Agency specialized in supporting the growth and development of businesses and the national economy, to comply with the EU’s environmental targets. The operation, lasting six years and for a total amount of Eur240 million, was successfully closed by recording an over-subscription that gave rise to an allotment of the shares between the participating banks.
The green investments will provide for the Arvedi Trieste site Servola (in the Friuli region) the construction of new galvanizing and painting lines (with an investment of Eur86 million) and an intervention in the EAF at the Cremona site ( Lombardy Region) for Eur53 million to feed the electric furnaces with 100% ferrous scrap rather than with a mix of pig iron and scrap, the Italian government press note said.
The Green Energy for Steel coalition of electric utilities in Cremona also adheres to the development agreement, thanks to which a new high-efficiency cogeneration plant will be built for over Eur56 million to serve the production site in Trieste, with a lower-impact combined cycle environment and with greater energy efficiency than the existing power plant, the government note stated.
The investment also includes a research and development project, worth Eur32 million, linked to the investments for the Cremona plant. The goal is to obtain high quality steel production with the exclusive treatment and processing of ferrous scrap, reducing CO2 emissions.
— Annalisa Villa