PROJECT

Projects

Environmental Review Summary

Project Number

11227

Company Name

STOMANA-INDUSTRY AD

Date ERS Disclosed

Jun 2, 2003

Country

Bulgaria

Region

Europe

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Aug 1, 2003
Signed : Oct 17, 2003
Invested : Aug 20, 2004

Sector

Iron and Steel

Industry

other

Department

Gbl Ind, Manufact, Agribus & Services

Project Description

The proposed project is to refurbish and modernize an existing Bulgarian steel mini-mill, Stomana Industry, which processes scrap. Stomana’s current production is about 600,000 tpy of flat and long steel products. After project completion Stomana’s production will not increase as planned investments are in cost control and to improve quality and environmental performance. The project will be implemented by Sidenor Industry, a large Greek manufacturer and marketer of steel products, who acquired Stomana in 2001. Sidenor is part of the Viohalco Group, a metal processing company and an existing IFC client in Bulgaria through an investment in Sofia Med, a producer of copper products.

Environmental and Social

Conclusion & Monitoring