The Department of Energy announced on Friday it would not complete a low-interest, $730 million loan to Severstal North America, after it had given the company a conditional commitment in July under its Advanced Technology Vehicles Manufacturing program.
DOE gave no reason for its disapproval of the loan, but it had come under scrutiny about its judgment after the collapse of solar company Solyndra, which was lent $535 million in taxpayer dollars.
