Bahrain Steel Company, the world leader in the production and supply of high-quality iron pellets, announced the signing of a seven-year joint sustainable financing contract worth $450 million.
This important financing confirms the company’s firm commitment to environmental, social and corporate governance principles, in addition to the banking alliance’s commitment to their clients to consolidate the principles of sustainability and help them adopt this approach.
Bahrain Steel Company intends to direct the proceeds of this loan to finance capital expenditures for the construction of the largest construction roof in the world equipped with solar panels to cover the iron ore materials area, in addition to covering capital operating requirements.
This initiative embodies Bahrain Steel’s keenness and commitment to adopting sustainability principles and placing them at its top priority.
The sustainable financing loan will contribute to stimulating improvements and strategies at Bahrain Steel Company to reduce greenhouse gas emissions and enhance the positive environmental impact by contributing to the launch of relevant programs in the field of adaptation to climate change, strengthening internal capabilities, and spreading a more responsible and sustainable institutional culture.
On this occasion, Mr. Mishari Al-Judaimi, Chairman of the Board of Directors of Bahrain Steel, said: “Sustainability and social responsibility are among the core values on which Bahrain Steel’s business is based. Our partnership with these prestigious financial institutions represents important evidence of the significant progress in achieving our goals with environmental, social and corporate governance practices. This funding will enable us to accelerate our efforts to significantly reduce carbon emissions in our business, and will reinforce our commitment to implementing best practices related to sustainability.” Mr. Meshari Al-Judaimi also added: “Adopting strict indicators to measure performance will allow us to establish new standards for leadership in the field of sustainability in the iron and steel industry, and support the endeavors and efforts of the Government of the Kingdom of Bahrain to achieve a more sustainable and prosperous future for future generations. There are also programs to train and educate the workforce about the risks Environment and climate change confirm our commitment to creating a more responsible and environmentally friendly corporate culture.”
