EXIM refuses to finance Erdemir for its pickling project

EXIM refuses to finance Erdemir for its pickling project

The Export Import Bank (EXIM) refused to grant the loan of approximately $19million in order to financially assist Erdemir in the project of the new pickling line. The project is now going to be financed by Erdemir's own sources. Necessary equipments for the project will be provided by Texas-based company Delta Brands (DBI). Erdemir is aiming to improve the quality of production rather than the volume, yet the reason for EXIM's financing seems to be in close relation to the U.S. International Trade Commission's (ITC) preliminary affirmative findings of material injury of cold rolled product imports from Turkey. Bo Ollison, the EXIM spokesman, expressed that the major reason behind their failure to provide financial support to Erdemir was the impossibility of granting loans for projects involving products under the safeguard duties.