BNP Paribas Corporate and Investment Banking has been mandated by Emirates Steel Industries to advise on the structuring and debt financing for a USD 0.8 Billion expansion project within the Mussafah Steel Plant in Abu Dhabi.

This initiative falls within the context of the continuing economic diversification in the Emirate, and contributes towards the Abu Dhabi Vision 2030 in that it promotes the further development of the Emirate's steel industry.

The project will see the further development of the world class integrated steel complex with the construction of the Phase III expansion project, which will provide new production facilities to be constructed alongside Emirates Steel's existing manufacturing assets, located within the Industrial City of Abu Dhabi in Mussafah.

The Project will utilize surplus direct reduced iron produced in the Phase 1 and Phase 2A facilities and will also draw upon internal and externally sourced scrap to produce the feedstock for the new phase.

Emirates Steel awarded the mandate to BNP Paribas following a rigorous process which highlighted the Bank's strength and proven track record within energy and commodities and the advisory arena.