Borçelik is a JV between i) Borusan Holding A.S., a diversified Turkish conglomerate with primary operations in steel manufacturing and distribution of cars and industrial machinery; and ii) ArcelorMittal, one of the largest global steelmakers.

The total cost to implement the Project (including working capital) is estimated at up to US$530 million. IFC is considering a financing package of up to US$210M in senior loans that will be committed in two phases over a period of 3 years, with the first phase consisting of a senior, corporate A loan of up to US$80M, a MCPP Trust Loan of up to US$50M, and a B1/Parallel loan of up to US$30M, and the second phase consisting of an A Loan and B1/Parallel loan of up to US$50M.

The Project will be located on the industrial premises/land adjacent to the Gemlik Plant in Turkey.

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability (2012). Based on information reviewed by IFC the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP). Key E&S issues and risks  include (i) the company's management and monitoring systems to assess and manage E&S risks and impacts from its operations, as well as those related to the expansion program  funded under the project; (ii) management of labor and working conditions and occupational health and safety (OHS) policies and practices (iii) supply chain management related to transportation of raw materials and finish products; (iv) monitoring and management of air emissions, wastewater, hazardous materials, waste, noise; (v) resource efficiency measures and GHG emissions; (vi) community health & safety including traffic safety risks and security management; and (vii) the company's stakeholder engagement activities related to E&S aspects.