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Slave Labor Stopped by Catholic Impact Investing

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South American Forced Labor Enslaves Thousands in Terrible Conditions

Charcoal Made by Slave Laborers in BrazilSlavery has long been a problem in Brazil and it continues today. As recently as 2008, the International Labor Organization reported that there are as many as 40,000 people enslaved in Brazil. Of that total, an estimated 1,200 worked in the charcoal industry and another 5,600 worked in the forestry industry.

Charcoal is a key ingredient in the manufacture of pig iron which, in turn, is used to make steel.

The slaves work in unsafe conditions without protective gear and are forced to live in small huts without electricity, running water or proper sanitation. These unfortunates are forced to cut and burn trees to produce charcoal.

American Company Found Buying Pig Iron Created with Slave Produced Charcoal

Nucor Corporation is a Fortune 500 Company and the largest steel producer in the United States. The company has approximately 200 operating facilities with an annual production capacity of over 27 million tons.

Nucor is the largest purchaser of Brazilian pig iron.

Our affiliate engaged Nucor on the slavery issue. Management indicated that they were against slavery and required their suppliers to certify that no slave labor was used to produce pig iron they sold to Nucor. However, Nucor had no means to verify the facts and no plans to require verification.

Impact Investing Frees Thousands of Brazilian Slaves

Forest Free of Slaves Producing Charcoal Thanks to Catholic Impact InvestingArmed with a list identifying illegally operating, slave-using suppliers, our affiliate showed Nucor’s management they were in violation of their own policy. As a result, Nucor joined and now financially supports the ICC (Citizens Charcoal Institute), which is working to eradicate slavery in the Brazilian charcoal industry.

With Nucor assisting the ICC, an estimated 4,200 people have been rescued from slavery.

Investing with Summit lets Catholic investors follow all the USCCB Guidelines. Not only do our portfolios screen out morally wrong activities, we also work to promote good, as the guidelines require. To answer this requirement, a portion of our management fees are donated to impact investing initiatives. For Catholic investors, choosing Summit is the easiest way to obey the Bishops. Your money will never be invested in companies that violate Catholic teaching and your funds will promote good worldwide.

Invest to end global slavery; contact our Catholic financial advisors for a free consultation today.

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