U.S. agency's action may kill Bucyrus deal, cost 1,000 jobs - JSOnline
Export-Import Bank denies loan guarantees for coal project in India
By Rick Barrett of the Journal Sentinel
Posted: June 26, 2010 |(174) Comments
Wider impact
Bucyrus has 250 suppliers in Wisconsin that employ 15,000 people
Source: Metropolitan Milwaukee Association of Commerce
Up to 1,000 jobs at Bucyrus International Inc. and its suppliers could be in jeopardy as the result of a decision by the U.S. Export-Import Bank, funded by Congress, to deny several hundred million dollars in loan guarantees to a coal-fired power plant and mine in India.
About 300 of those jobs are at the Bucyrus plant in South Milwaukee, where the company has 1,410 employees and its headquarters. The remaining jobs are spread across 13 states, including Illinois, Minnesota and Indiana.
On Thursday, the Export-Import Bank denied financing for Reliance Power Ltd., an Indian power plant company, effectively wiping out about $600 million in coal mining equipment sales for Bucyrus, chief executive Tim Sullivan said.
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