47493 - Assan Aluminyum San. ve Tic. A.S

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Summary of Investment Information

Project Number

47493

Company Name

ASSAN ALUMINYUM SANAYI VE TICARET ANONIM SIRKETI

Date SPI Disclosed

Jan 20, 2023

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Feb 24, 2023

Environmental Category

B - Limited

Status

Active

Last Updated Date

Apr 21, 2023

Department

Regional Industry MAS MCT

Industry

Manufacturing

Previous Events

Approved : Mar 30, 2023
Signed : Mar 31, 2023
Invested : Apr 18, 2023

Sector

Aluminum

Project Description

Assan Aluminyum San. ve Tic. A.S. (Assan or the Company), established in 1988, is the largest manufacturer of aluminum flat-rolled products in Türkiye. The Company has launched a multi-year investment program with an estimated cost of US$130 million over a period of 2022-2024. The program, delayed due to the spillover effects of the COVID-19 pandemic, will modernize Assan’s operations, reduce carbon footprint, and expand processing capacity for flat rolled aluminum products and scrap by 60,000 tons per annum. It will also address the changing demand profile in its target markets post pandemic and eliminate imports of semifinished products. IFC will be partially advising and financing this program with a senior loan in form of an A Loan up to US$90 million that potentially will be structured as a Green Loan (the IFC Loan).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	90.0
Equity

Development Impact

Through the capacity expansion (processing capacity increase for ingots and scrap by 60,000 tons per annum) and increase in exports, the Project will support higher value-addition and employment creation for the Turkish economy. Furthermore, by implementing measures to improve production efficiency, the success of the Project will incentivize Assan’s competitors and other players in the market to upgrade the efficiency of their operations and improve production capacity.

E&S Category Rationale / Risks and Mitigation

This is a category B project according to IFC’s Policy on Social and Environmental Sustainability and in line with the previous Assan projects. The project is expected to have limited site-specific potential adverse environmental and social impacts that are few in number, largely reversible and that can be readily addressed through mitigation measures.

The key E&S issues include: (i) effectiveness of the Company’s management and monitoring systems to assess and manage E&S risks and impacts from its operations; (ii) management of occupational health and safety risks during construction and operational phases; (iii) consistent management of labor and working conditions including supply chain; and (iv) monitoring and management of air emissions and (v) resource efficiency measures.

Contacts

For Inquiries About the Project, Contact

Assan Aluminyum Sanayi ve Ticaret A.S.
Ms. Zeynep Sarsan
Chief Financial Officer
+902165811200
zeynep.sarsan@assanaluminyum.com
Yayla Mh. D-100 Karayolu Ruya Sk No.2
assanaluminyum.com

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Local Access of Project Documentation

Tuzla location: Yayla Mah. D-100 Karayolu Rüya Sok. No:2 Tuzla /ISTANBUL Dilovasi location: dilovasi organize sanayi bölgesi 1.kisim dicle Cad.No:40 dilovasi / KOCAELI

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