Sberbank subsidiary SberInsurance and Rosgosstrakh have insured the construction of the first green steelworks in Russia, which is being built by Ecolant in Nizhny Novgorod Region.

The project entails the construction of a full-cycle steelworks that will use contemporary green technology and the necessary infrastructure for the plant. These solutions will help reduce carbon dioxide emissions almost threefold compared to the traditional blast furnace converter steelmaking process and represent an important step toward reducing the environmental impact of the steel industry.

The project will meet the current and prospective requirements of Russian and EU environmental legislation aimed at carbon footprint reduction.

All of Sber Group, including SberInsurance, adheres to ESG principles. We are always glad when our values coincide with those of our partners. The Ecolant project is just such a case. We hope that we will continue to build upon our partnership with this company in the future, particularly in the area of environmental risk insurance.

Mikhail Volkov

CEO, SberInsurance

Production is expected to begin in 2025. The complex will produce green steel for the fuel and energy, transport, and engineering industries. Ecolant's steel billets and slabs will be used to manufacture large-diameter pipes for main pipelines, wide sheets for shipbuilding, seamless pipes for oil extraction, and railway wheels.

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Sberbank of Russia published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 15:15:09 UTC.