Acerinox and Banco Sabadell agree on an €80 million ‘green’ loan linked to sustainable criteria

The Acerinox Group and Banco Sabadell are thus among pioneering companies applying this type of agreement, since it is one of the first sustainable financing operations through green loans in the European steel industry.

The agreement stipulates that the margin of the loan will be linked to the evolution of the steel company's relative emissions intensity and the frequency of occupational accidents. Both matters are among the Group's strategic objectives concerning sustainability, which are monitored and promoted by the company’s Board of Directors and Senior Management.

In this regard, the Chief Executive Officer of Acerinox, Bernardo Velázquez, ensures that “it is our responsibility to ensure safety and reduce our emissions by manufacturing environmentally friendly materials; society will ultimately value more highly the companies that comply with these principles and will reward our efforts by preferring our products”.

Banco Sabadell is taking another step forward in its Sustainable Commitment, accompanying customers committed to sustainability with sustainable financing solutions.

 

Acerinox, moving towards a sustainable model

Acerinox is committed to transitioning towards a sustainable model, thus the company signed the 2017 Circular Economy Pact. Furthermore, in December 2019 it adhered to the commitment of climate neutrality before 2050, promoted by the Spanish National Association of Steel Producers (Unesid).

Stainless steel as a material is a model of the circular economy as it fulfils the four ‘Rs’ (Reduce, Reuse, Re-manufacture and Recycle). In this respect, Acerinox is setting emission reduction targets linked to internal reductions in energy consumption and decreases in water consumption, as well as a more efficient use of the waste generated in the supply chain and promoting all other aspects related to ESG. The company has also integrated the Sustainable Development Goals (SDGs) into the strategy of its business.

 

Banco Sabadell and its Sustainable Commitment

As a founding signatory of the United Nations Principles for Responsible Banking, Banco Sabadell is committed to strategically aligning its business with the Sustainable Development Goals (SDGs) and the Paris Agreement.  Accordingly, one of the four pillars of Banco Sabadell's Sustainable Finance Plan is to accompany customers in their transition process towards a more sustainable economy, making financial products and solutions of this nature available to them.

The bank’s backing in this connection is demonstrated by its participation in 2020 in more than €14,000 million in sustainable financing, as well as acting as bookrunner in the issuance of 7 bonds classified as green or sustainable, which led to the placement of approximately €3,000 million.