Free Republic

The Department of Energy announced on Friday it would not complete a low-interest, $730 million loan toSeverstal North America, after it had given the company a conditional commitment in July under its Advanced Technology Vehicles Manufacturing program. DOE gave no reason for its disapproval of the loan, but it had come under scrutiny about its judgment after the collapse of solar company Solyndra, which was lent $535 million in taxpayer dollars. House Oversight and Government Reform Committee Chairman Darrell Issa called upon Energy Secretary Stephen Chu to revisit the Severstal project – which would modernize its facility in Dearborn,...

WASHINGTON, D.C. – House Oversight and Government Reform Committee Chairman Darrell Issa today responded to the Energy Department's announcement that their $730 million loan to Severstal, a Russian steel company, will not be granted... "While I am pleased that the Department of Energy has reconsidered its decision to fund a $730 million loan to Severstal, it's deeply disconcerting to know that this loan would have gone forward had Congress not raised concerns… Following the waste of taxpayer dollars in the collapse of Solyndra, the Department of Energy needs....

Industrial Policy: Not only do taxpayers subsidize failing green energy here, they may soon be on the hook for a Department of Energy loan to a firm owned by a Russian billionaire. Just say nyet. When a foreign firm wants to build a facility in the U.S. that hires American workers and pays American taxes, we welcome it. We'd prefer they do it with their own money, not rely on this administration's failed industrial policy to provide them with a huge taxpayer-backed loan — especially when it's owned by a billionaire who doesn't need the help. The administration's latest green...

GOP senators call for Energy Dept. probe of $730M steelmaker loanBy Ben Geman - 11/07/11 04:32 PM ET Two GOP senators want the Energy Department’s (DOE) internal watchdog to investigate a planned $730 million loan for a company to manufacture high-strength automotive steel in Michigan. Sens. Dan Coats (R-Ind.) and Pat Toomey (R-Pa.) are asking DOE Inspector General Gregory Friedman to probe whether Severstal North America — a subsidiary of Russian steel giant OAO Severstal — should receive public financing to retool and expand facilities in Dearborn, Mich. “Given the tremendous fiscal crisis that we find ourselves in today, it...

Russian metals and mining company OAO Severstal offered Tuesday to buy Esmark Inc. for $17 (€10.87) per share in cash, claiming it has the critical support of the United Steelworkers union. The union late last week said it would oppose an identical $670 million (€428.4 million)cash buyout offer from India's Essar Steel Holdings, contending that Wheeling-based Esmark accepted the deal without giving the USW adequate notice or a chance to put forth an alternative. [...] Severstal released a copy of its offer letter, arguing it is "best suited to unlock the potential of Esmark's current operations" by merging them with...

Aleksei Mordashov, the CEO of Russian Steel Co. Severstal says he is befuddled by his proposed $16.5 Billion deal with the steel giant Arcelor. "The deal would create the world's largest steel company with a 6% of global production," Mordashov says. It would also give him a 32% share of the new company his critics say. Arcelor, apparently is a national treasure in the European countries where it operates - Fance and Belgium. Another company, Mittal, wants to buy out Arcelor and the Arcelor board doesn't like that idea either. It sounds to me like they just don't want to...