[Congressional Record Volume 147, Number 26 (Thursday, March 1, 2001)]
[House]
[Page H511]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        STEEL REVITALIZATION ACT

  (Mrs. JONES of Ohio asked and was given permission to address the 
House for 1 minute and to revise and extend her remarks.)
  Mrs. JONES of Ohio. Mr. Speaker, I rise this morning to discuss the 
steel crisis which has forced American steel producers like LTV 
Corporation in my city into bankruptcy. Today under the leadership of 
the gentleman from New York (Mr. Quinn), we will introduce, along with 
the gentleman from Indiana (Mr. Visclosky), the Steel Revitalization 
Act.
  The aim of this legislation is to aid American steel producers 
through import relief, legacy cost sharing, adjusting the Steel Loan 
Guarantee Program, and providing incentives to consolidate. We hope 
this legislation will help all steelworkers.
  The flood of illegally subsidized foreign steel into American markets 
have caused our companies to declare bankruptcy at alarming rates.
  I find it somewhat ironic that we are introducing the Steel Caucus 
package on the same day the House is expected to debate the bankruptcy 
reform.
  Estimates of the cost of the economic impact of losing LTV in 
Cleveland show that the steel maker pays $338 million in annual wages 
and salaries and $68 million in benefits.
  I urge my colleagues to support the Steel Revitalization Act and 
would press the House leadership to bring this legislation to the floor 
quickly.

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