ID :
194712
Wed, 07/13/2011 - 08:01
Auther :
Shortlink :
https://oananews.org//node/194712
The shortlink copeid
N America branch of Severstal to get US gvt loan of $730 mln
NEW YORK, July 13 (Itar-Tass) - Severstal North America - a branch of
the Russian steel giant OAO Severstal joint stock company will get from
the US government a loan worth 730 million US dollars, The Associated
Press reported on Tuesday.
According to information from knowledgeable sources, with these funds
Severstal plans to modernise the plant in Dearborn (Michigan). The
renovation of the facility's production capacities will require employment
of 2.5 thousand builders. Upon completion of the modernisation the
enterprise's staff will be increased by 260 people.
The announcement of the provision of the loan to the steel making
company is expected on Wednesday. Meanwhile, a spokesperson for the US
Department of Energy Karissa Marcum declined to comment on this
information.
According to AP, the people asked for anonymity because the Department
of Energy was not expected to make the announcement until Wednesday
morning. Energy Department spokeswoman Karissa Marcum wouldn't comment on
the announcement Tuesday. A message seeking comment was left with
Severstal North America, which is based in Dearborn. The money comes from
a $25 billion low-interest loan programme created in 2007 to help
companies retool older factories to build more energy-efficient cars.
Severstal makes a lightweight, high-strength steel that can make cars more
fuel-efficient.
The money will be provided under a $25-billion loan programme with low
interest rates, designed to support the production of environmentally
friendly cars. The Severstal plant produces thin rolled metal with high
strength that makes it possible to effectively use it for making compact
cars that have a low level of hazardous emissions. The US Department of
Energy has already approved the extension of loans to Ford and Nissan that
will receive in total $7.5 billion. In the government's programme also
involved the electric car manufacturer Tesla Motors. A sum of $ 465
million dollars has been allocated to the company as it prepares to launch
production in California.
Earlier, the steel mill located in the River Rouge industrial complex,
was owned by Rouge Industries that was part of the automotive empire
founded by Henry Ford. Severstal has acquired the plant and other assets
of Rouge Industries for $285.5 million in 2003.
the Russian steel giant OAO Severstal joint stock company will get from
the US government a loan worth 730 million US dollars, The Associated
Press reported on Tuesday.
According to information from knowledgeable sources, with these funds
Severstal plans to modernise the plant in Dearborn (Michigan). The
renovation of the facility's production capacities will require employment
of 2.5 thousand builders. Upon completion of the modernisation the
enterprise's staff will be increased by 260 people.
The announcement of the provision of the loan to the steel making
company is expected on Wednesday. Meanwhile, a spokesperson for the US
Department of Energy Karissa Marcum declined to comment on this
information.
According to AP, the people asked for anonymity because the Department
of Energy was not expected to make the announcement until Wednesday
morning. Energy Department spokeswoman Karissa Marcum wouldn't comment on
the announcement Tuesday. A message seeking comment was left with
Severstal North America, which is based in Dearborn. The money comes from
a $25 billion low-interest loan programme created in 2007 to help
companies retool older factories to build more energy-efficient cars.
Severstal makes a lightweight, high-strength steel that can make cars more
fuel-efficient.
The money will be provided under a $25-billion loan programme with low
interest rates, designed to support the production of environmentally
friendly cars. The Severstal plant produces thin rolled metal with high
strength that makes it possible to effectively use it for making compact
cars that have a low level of hazardous emissions. The US Department of
Energy has already approved the extension of loans to Ford and Nissan that
will receive in total $7.5 billion. In the government's programme also
involved the electric car manufacturer Tesla Motors. A sum of $ 465
million dollars has been allocated to the company as it prepares to launch
production in California.
Earlier, the steel mill located in the River Rouge industrial complex,
was owned by Rouge Industries that was part of the automotive empire
founded by Henry Ford. Severstal has acquired the plant and other assets
of Rouge Industries for $285.5 million in 2003.
