Monday, October 19, 2009

European Investment Bank: No loans for ArcelorMittal

ZAGREB, Croatia -- "We have recently discovered that the EIB is considering a loan for steel company ArcelorMittal and that this will be discussed by the Board of Directors this Wednesday, 21st October. ArcelorMittal has an extremely poor environmental, social and transparency record in many countries, including during projects financed by international financial institutions. As the world’s largest steel company we also believe that ArcelorMittal could access financing from other sources, and that there is no added value in providing a low-interest public loan to the company. We therefore urge the EIB not to approve any loan to ArcelorMittal in the foreseeable future,"

-- Pippa Gallop, CEE Bankwatch Network, Global Action on ArcelorMittal.

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