German industry: a 150 million euro support by the EIBDecember 4, 2019
Hat: German industry: a 150 million euro support by the EIB
Funding Scheme: 2019-12-04
Pgm2014 2020: Yes
Thanks to the Juncker plan, Salzgitter AG, one of Europe’s largest steel and technology groups, will receive a 150 million euro financial support. The funds will enable the company to increase its competitiveness and sustainability with investments for technological innovation and digital transformation.
The European Investment Bank (EIB) is providing 150 million euro to Salzgitter AG, one of the largest European steel and technology groups in Europe. The company will use the fresh funds to strengthen its competitiveness and increase sustainability through technological innovation and digital transformation.
The financing of the EU bank is backed by a guarantee from the European Fund for Strategic Investments (EFSI). EFSI is a core component of the Investment Plan for Europe – also known as the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners to boost the competitiveness of the European economy.
This operation will contribute to the EU’s leadership in terms of technology and advanced materials, in particular through the field of high-strength lightweight steels for the transport industry, Salzgitter AG’s speciality. It will also enable the group to safegard about 750 jobs within the company that employs around 20,000 people over Europe.
The operation is also partially financed by national and EU grant support, including Horizon 2020. The Horizon 2020 program proposes a great amount of financial opportunities for industries, especially regarding new technologies and sustainable development.
Url description: European Investment Bank