USW Statement on Ex-Im Bank Loan for Australian Mine
WASHINGTON, Nov. 14, 2013 /PRNewswire-USNewswire/ -- Leo W. Gerard, International President of the United Steelworkers (USW), today issued the following statement objecting to a preliminary vote by directors of the Export-Import Bank of the United States to provide tentative approval for $694 million in federal government-backed export financing of the Roy Hill Mine in Australia.
"Today's preliminary vote by the board of directors for the U.S. Export-Import Bank signals a short-sighted disregard for the long term viability of our iron ore and steel industries. While the U.S. mining equipment industry might get a temporary shot in the arm to produce equipment for a large and controversial iron ore mine in Australia, the bank also needs to look at the long term effects of creating a future glut in iron ore on the world market and the impact it will have on the American economy. We will continue to work with the Bank and members of Congress to ensure they are supporting transactions that will not undermine the competitiveness of U.S. producers."
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SOURCE United Steelworkers (USW)