Rusty reasoning: groups challenge European Investment Bank to justify the latest ArcelorMittal public millions
Arcelor Mittal operations in Zenica, Bosnia. (Adnan Dzonlic)
LUXEMBOURG -- On 21 October 2009 the European Investment Bank’s board of directors approved a loan to ArcelorMittal worth EUR 250 million for a research and development programme said to be all about bringing environmental added value to the company's European operations. Couldn't a company the size of ArcelorMittal be expected to either fund the project out of its own resources or be able to access commercial loans, leaving advantageous European Investment Bank funding to companies more in need? Frustrated by their dealings with the EIB on these matters, Bankwatch, ClientEarth and Global Action on ArcelorMittal have this week lodged a formal complaint with the Secretary General of the European Investment Bank that questions the rigour and ultimate validity of the bank's pre-loan assessment. Read it here and consider the magnetic pull ArcelorMittal seems to have towards public money.