Letter to EIB regarding a planned loan for ArcelorMittal
Advocacy letter | 19 October 2009
The letter by NGO coalition Global Action on Arcelor Mittal (GAAM), follows the discovery of EIB considerations of a loan for steel company ArcelorMittal and informs the EIB of ArcelorMittal’s extremely poor environmental, social and transparency record in many countries.
As the worlds largest steel company ArcelorMittal could access financing from other sources, and there is no added value in providing a low-interest public loan to the company. GAAM and Bankwatch therefore urge the EIB not to approve any loan to ArcelorMittal in the foreseeable future.