PROJECT

Projects

Environmental Review Summary

Project Number

25090

Company Name

STOMANA-INDUSTRY AD

Date ERS Disclosed

May 8, 2006

Country

Bulgaria

Region

Europe

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Jun 20, 2006
Signed : Jun 22, 2006
Invested : Aug 15, 2006

Sector

Iron and Steel

Industry

other

Department

Gbl Ind, Manufact, Agribus & Services

Project Description

Stomana Industry A.D. (Stomana), an existing and very valued IFC client, is the second largest steel producer in Bulgaria. This project involves about a 43 million euro investment in a new hot rolling mill. This investment will not increase the volume of steel produced by Stomana but allow the company to provide the market efficiently with higher value added products of better quality. IFC’s initial successful investment in 2003 allowed Stomana to modernize their mini-mill allowing the same volume of steel to be produced more efficiently, with higher quality and very much improved environment, worker health and safety performance. Stomana is part of the Viohalco Group, a large metal processing group with headquarters in Greece.

Environmental and Social

Conclusion & Monitoring