Chairman Issa Responds to DOE Announcement that Severstal’s Loan will not be Funded

WASHINGTON, D.C. – House Oversight and Government Reform Committee Chairman Darrell Issa today responded to the Energy Department’s announcement that their $730 million loan to Severstal, a Russian steel company, will not be granted. Chairman Issa initially looked into the loan in October and brought to light the questionable decision to award this loan to a Russian company lead by one of the world’s richest men to produce a product that was already in excess in the United States.

“While I am pleased that the Department of Energy has reconsidered its decision to fund a $730 million loan to Severstal, it’s deeply disconcerting to know that this loan would have gone forward had Congress not raised concerns,” said Chairman Issa. “Following the waste of taxpayer dollars in the collapse of Solyndra, the Department of Energy needs to work on being better guardians of taxpayer dollars.”

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