Arcelor Mittal Temirtau has received numerous loans from the IFIs, despite its problematic track record.
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Location |
Temirtau, Kazakhstan
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Funding |
$100 million (EBRD) + Previous IFI Funding
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Status |
Active
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In mid-2007, the European Bank for Reconstruction and Development (EBRD) signed a $100 million loan with Mittal Steel Temirtau (MST), now Arcelor Mittal Temirtau (AMT), for a coal modernization project in Karaganda. The project is intended to improve health and safety standards by investing in gas monitoring systems, ventilation equipment, and other upgrades. The total project cost is estimated at $500 million.
This is EBRD’s second loan to AMT. The first project, approved in 1997, has already been completed.