[Congressional Record Volume 147, Number 29 (Wednesday, March 7, 2001)]
[Extensions of Remarks]
[Pages E304-E305]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             H.R. 808, THE STEEL REVITALIZATION ACT OF 2001

                                 ______
                                 

                         HON. JERRY F. COSTELLO

                              of illinois

                    in the house of representatives

                        Wednesday, March 7, 2001

  Mr. COSTELLO. Mr. Speaker, I rise today in support of H.R. 808, the 
Steel Revitalization Act of 2001.
  America's steel industry is in a near crisis state. Beginning in 
1997, dumped and subsidized steel imports grew dramatically until they 
reached almost 40 percent of the U.S. steel market. Steel prices 
rapidly decreased; steel workers were laid off, steel companies filed 
for bankruptcy. As a result of the weakened steel industry, the level 
of imports deemed acceptable by the government increased, and recovery 
has been difficult.
  I believe that this legislation is necessary to help revitalize the 
steel industry. It provides

[[Page E305]]

import relief by imposing five year quotas on the importation of steel 
and iron ore products in the U.S. The quotas will return the import 
market share to the levels prior to 1997. This provision is very 
similar to H.R. 975, which passed the House with strong support in the 
previous Congress.
  In addition, this legislation will augment the Steel Loan Guarantee 
Program, which provided guaranteed loans to qualified steel companies. 
Currently, steel companies are finding it almost impossible to raise 
capital through other sources, especially due to plummeting stock 
prices and decreasing demand. The Steel Revitalization Act will expand 
the program by authorizing $10 billion rather than $1 billion, 
guaranteeing 95 percent of the loan rather than 80 percent and 
extending the terms from five years to fifteen. With this expansion, 
more companies will be able to take advantage of this worthwhile 
program.
  Mr. Speaker, in the Congressional District I represent, two of our 
steel companies are seriously distressed. Many of my constituents are 
at risk of losing their jobs. It is of the utmost importance that we in 
Congress work hard to keep America's steel industry vital. I urge my 
colleagues to join me in supporting H.R. 808.

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