The Export-Import Bank of the United States (Ex-Im Bank) announced Monday that it approved a loan for $83.1 million to support the sales of locomotives to Canada. The loan will aid in the construction of six American-made locomotives, railroad cars, and mining equipment which will be provided to the Iron Ore Company of Canada (IOC). This transaction will support 500 US jobs across a range of businesses. The US companies involved in the IOC transaction include Electro-Motive Diesel, Inc. (EMD) (LaGrange, Illinois), American Rail Car Industries Inc. (St. Charles, Missouri), Freightcar America Inc. (Chicago, Illinois), Harnischfeger Corp. (Milwaukee, Wisconsin), Komatsu America Corp. (Peoria, Illinois), and Caterpillar, Inc. (Peoria, Illinois). Comerica Bank (Detroit, Michigan) is the guaranteed lender.
"As global infrastructure investment increases, high quality, American-made locomotives and equipment are in demand around the world," said Fred P. Hochberg, chairman and president of Ex-Im Bank. "Ex-Im is committed to ensuring that the financing is in place to allow American companies to win a growing share of these sales. These transactions bolster our manufacturing base, while creating, supporting and sustaining good jobs in communities across the United States."