SOUTH MILWAUKEE, Wis., Oct. 21, 2010 (GLOBE NEWSWIRE) -- Bucyrus International, Inc. (Nasdaq:BUCY), a world leader in the design and manufacture of mining equipment, learned today that the U.S. Export-Import Bank has approved the application of Reliance Power for loan guarantees supporting the export of Bucyrus' U.S.-manufactured mining equipment to Reliance.
The nearly 1,000 U.S. jobs supported by the project include over 300 family-supporting jobs in the Milwaukee region and approximately 650 additional U.S. jobs in Bucyrus' supply chain. "We are very pleased with the decision of the U.S. Export-Import Bank to approve this project. This is great news for Bucyrus, but more importantly, it is great news to be keeping this work in the U.S. and providing job opportunities across 13 states," said Mr. Sullivan, Bucyrus' President and CEO.
"We wouldn't have been able to receive Ex-Im Bank's approval without the support of our business partners, elected officials and the Administration's support of U.S. manufacturer's exports," Sullivan said. "I would like to personally thank Ex-Im Bank Chairman Hochberg. We will need the Bank's continuing support."
*Full economic impact report available at www.mmac.org.
About Bucyrus International, Inc.
Bucyrus is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries. Bucyrus' surface mining equipment is used for mining coal, copper, iron ore, oil sands and other minerals. Bucyrus' underground mining equipment is used primarily for mining coal and also used in mining minerals such as potash and trona. In addition to machine manufacturing, Bucyrus manufactures high quality OE parts and provides world-class support services for their machines. Bucyrus' corporate headquarters is located in South Milwaukee, Wisconsin, USA.
Special Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of predictive, future tense or forward-looking terminology, such as "believes," "anticipates," "expects," "estimates," "intends," "may," "will" or similar terms. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those contained in the forward-looking statements as a result of various factors, some of which are unknown. Bucyrus' policy on forward-looking statements, including a list of factors that could cause actual results to differ materially from those anticipated in forward-looking statements, as well as risk factors relating to Bucyrus are included in Bucyrus' 2009 Form 10-K filed with the Securities and Exchange Commission on March 1, 2010 and Bucyrus' Form 10-Q for the quarter ended June 30, 2010 as filed with the Securities and Exchange Commission on August 6, 2010 and any other cautionary statements described in other reports filed by Bucyrus with the Securities and Exchange Commission. All forward-looking statements attributable to Bucyrus are expressly qualified in their entirety by the foregoing cautionary statements. Bucyrus undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.