Criticism of DOE's $730M Severstal loan grows

Nov 08, 2011 | 05:56 PM | Catherine Ngai

Tags  Severstal NA, DOE, Energy, Dan Coats, Pat Toomey, Darrel Issa, ATVM, loans Catherine Ngai

NEW YORK — A growing number of lawmakers are criticizing the U.S. Department of Energy decision to offer a $730-million conditional loan to steel producer Severstal North America Inc.

Sen. Dan Coats (R., Ind.) and Sen. Pat Toomey (R., Pa.) asked in a Nov. 7 letter to Energy Department inspector general Gregory H. Friedman why the department had offered to fund a project that was "near completion" and was already paid for by the Dearborn, Mich.-based company. It also questioned whether the department....

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