€20 million as part of financial package for operational restructuring and green investments
The fourth-largest Polish steel producer, Cognor S.A., will modernise its operations, invest in resource efficient equipment and refinance senior secured notes thanks to a €20 million loan provided by the EBRD. The loan is part of a larger €69 million syndicate.
The company is a vertically integrated steel producer established more than 70 years ago. Cognor has a broad product range, including quality steel, heat resistant plates, stainless steel, and basic and alloy steel. The company is owned by Cognor Holding S.A., which is listed on the Warsaw Stock Exchange. It has production sites in Gliwice, Zawiercie, Kraków and Stalowa Wola.
The EBRD loan is part of a larger financing package provided alongside other financial institutions. It will finance operational restructuring with the goal of moving towards higher value-added products, more resource-efficient production processes and financial restructuring by means of lowering financial expenses.
The EBRD started working in Poland in 1991 and to date has invested €8.9 billion in 402 projects. The Bank’s new country strategy for Poland identifies enhancing competitiveness through innovation, promoting the green economy and strengthening resilience as the Bank’s priorities.