- Region: Asia
- Machinery and Equipment
- Export Loans
September 10, 2012
- The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a buyer's credit (export loan) agreement totaling up to 19 million euro (JBIC portion) with Acerinox, S.A. (Acerinox) in Spain. The loan is cofinanced with Deutsche Bank AG, Tokyo Branch (overall cofinancing amount is about 37 million euro). Nippon Export and Investment Insurance (NEXI) provides Buyer's Credit Insurance for the cofinanced portion.
- The loan will finance Acerinox, a major stainless steel manufacturer in Spain who has jointly established Bahru Stainless Sdn. Bhd. (Bahru Stainless) in Malaysia with Nisshin Steel Co., Ltd. and Metal One Corporation., to purchase Cold Reversing Rolling Mill (SENDZIMIR TYPE) (manufactured by Mitsubishi-Hitachi Metals Machinery, Inc. and Hitachi, Ltd., exported by Sojitz Corporation) which will be introduced to the country's first stainless cold rolling plant that is under construction in Johor, Malaysia.
- In Asian emerging countries, solid economic growth has been continuing in recent years, and sustainable growth in the demand for stainless steel is expected. Under such circumstances, Acerinox has established Bahru Stainless in Malaysia with Japanese steel manufacturers as their manufacturing base of cold rolled steel and with the intension of up-taking the demand in those countries. The initial annual production capacity of Bahru Stainless is expected to be 240,000 tons, while it is planned to increase to 1 million tons/year in the future. Therefore, the loan will contribute to maintaining and improving the international competitiveness of the Japanese steel-making facilities industry, as well as to leading to the expansion of future export opportunities.
- JBIC will continue to support Japanese firms in their export of machinery and equipment, as well as in their overseas business deployment, by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.