The Stillwater Complex in south-central Montana is the only significant US source of platinum and palladium, which are used in automobile catalytic converters. The newly restructured General Motors, with the US government as a primary shareholder, has decided to cancel its platinum-group metals contract with Stillwater Mining Company, opting for cheaper ores from Russia and South Africa.
The mine employs 1300 workers, and is partially owned by Norilsk Nickel of Russia.
The Billings Gazette has had a number of articles on this:
GM rejects senators over Stillwater
One thought on “GM bailout money used to send jobs overseas”
I read your article on the GM bailout and had a few comments to make:
1. It all seems to come down to the issue of money (really on both sides). I can see with the financial crisis that GM is doing what they have to do to cut expenses (by purchasing cheaper overseas). It’s also an issue of money from the Stillwater side – could they ask for less to keep their buyer? or is it too hard for them to accept less than what they’ve been used to? Americans must accept that the status quo cannot remain as it was with the economy the way it is.
2. I think it’s a shame that GM is going back on it’s word and cancelling their contract with Stillwater. What good is your word if you don’t keep it?
3. If we’re not careful, pretty soon the majority of companies in the U.S. will be foreign-owned and that I think would be cause for concern. I hope someone is taking note of this.