Sen. Robert Byrd (D-WV) has been working to strengthen the $1 billion
Emergency Steel Loan Guarantee Act he created in 1999. The Senator incorporated
changes to extend the program and provide federal guarantees for a greater
share of steel company loans though an amendment that was included in the
Interior Appropriations bill. The legislation subsequently passed the Senate.
The revised program would guarantee up to $1 billion worth of loans
with federal guarantees on 85% of the loan amount. It would also make available
$100 million at a federal guarantee rate of 95% of the principal. Another
$100 million would be guaranteed at 90%. The rest would be available at
the existing 85% rate.
The amendment also allows a repayment period until 2015. The program
currently requires repayment by 2005.
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American Wire Producers Association
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