U.S. agency nixes $600M sales order
Sunday, June 27, 2021 8:07 PM

Related Stories



The bank's decision has effectively wiped out a $600 million sales order for coal-production equipment produced by Bucyrus International Inc. (NASDAQ:BUCY) in 14 U.S. states, including Wisconsin, Illinois, Minnesota and Indiana, the Milwaukee Journal Sentinel reported Saturday.

The bank's board voted 2-1 Thursday to deny financing for Indian company Reliance Power Ltd. on environmental concerns.

"President Obama has made clear his administration's commitment to transition away from high-carbon investments and toward a cleaner-energy future," Export-Import Bank Chairman Fred Hochberg said in a statement. "After careful deliberation, the Export-Import Bank board voted not to proceed with this project because of the projected adverse environmental impact."

But state and local leaders say the bank's action only guarantees India will find the equipment it needs elsewhere, most likely from China or Belarus.

"Unless the Obama administration jumps all over this and corrects a wrong fairly quickly, I am confident this business is going elsewhere," Bucyrus Chief Executive Tim Sullivan told the Journal Sentinel. "The bank's decision has had no impact on global carbon emissions but has cost the U.S. nearly 1,000 jobs."

Democratic Gov. Jim Doyle said, "I was absolutely stunned by their decision. It was the most shortsighted, unconscionable decision you could imagine, and I can't see any justification for it.

"My discussions with the bank chairman were hardly confidence-building. They really could not justify their decision except somehow, somebody told them that if the word 'coal' is anywhere in a plan, then they can't move forward with it," Doyle said.

"It is surprising and disappointing that, in this difficult economy, the bank passed on this opportunity to create good-paying jobs," said U.S. Sen. Herb Kohl, D-Wis. "While I am aware of the environmental concerns, denying this deal doesn't prevent a coal power plant from being built. It only ensures that the jobs connected to it are not American," Kohl told the newspaper.

Environmentalists cheered the Export-Import Bank's decision, which was supported by the U.S. State and Treasury departments.

"Coal is the dirtiest form of energy that exists. There is no such thing as 'clean coal,'' said Oliver Bernstein, a spokesman for the Sierra Club.

(Source: UPI )
 

Sponsors

Symbol :

Advertisement

Market news:

  • ETF Update: CZI, CZM, SPY Jun 29, 2021 07:18 PM

    Direxion Daily China Bear 3X Shares (NYSEArca: CZI) was the biggest gainer among the ETFs on Tuesday.

  • After-Hours Update: EPD, CTIC, ETRM Jun 29, 2021 06:44 PM

    Enterprise Products Partners L.P. (NYSE: EPD) late Tuesday announced several new construction projects that will further extend and expand its natural gas and natural gas liquids infrastructure in South Texas and Mont Belvieu, Texas to accommodate growing production volumes from the Eagle Ford Shale play.

  • Earnings Roundup: GIS, ZZ, WOR, EXFO Jun 29, 2021 06:10 PM

    General Mills (NYSE: GIS) on Tuesday posted a 41 percent drop in fourth-quarter earnings, hurt by lower sales and higher commodity costs.

  • Stocks Hitting 52-Week Highs: EVVV, IDT, WAIN, CPII Jun 29, 2021 03:49 PM

    Following is a brief list of stocks touching 52-week highs in intra-day trading on Tuesday, June 29, 2010:

  • Stocks Hitting 52-Week Lows: DRYS, YRCW, ES, GLBL, SONC Jun 29, 2021 03:27 PM

    Dryships (NASDAQ: DRYS): Shares of the dry bulk shipper hit a new 52-week low of $3.61.

More news


Advertisement

    Closest Estimates

User SymbolConsen EPSEstimate EPSActual EPS
Jim OPNT$0.10$0.09$0.07
XXXXX MNT$0.33$0.33$0.35
XXXXX OPNT$0.10$0.05$0.07
XXXXX PETM$0.33$0.33$0.34
XXXXX JBX$0.70$0.82$0.80
XXXXX HPQ$0.69$0.70$0.70
XXXXX OPNT$0.10$0.09$0.07
XXXXX CHUX$0.31$0.35$0.36
XXXXX HPQ$0.69$0.70$0.70
XXXXX CRM$0.01$0.00$0.01

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
XXXXXXXXXX VZ$0.56
Richard WXXXXX RIMM$1.34
mikeXXXXX RIMM$1.34
XXXXXXXXXX PIR($0.02)
joe blowXXXXX DLM$0.22
XXXXXXXXXX INTC$0.43
klineXXXXX Q$0.09
XXXXXXXXXX EK($0.31)
asdasd asd DRYS$0.23
XXXXXXXXXX AMAT$0.21