[Congressional Record Volume 148, Number 15 (Friday, February 15, 2002)]
[Extensions of Remarks]
[Page E171]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        DOMESTIC STEEL INDUSTRY

                                 ______
                                 

                         HON. JERRY F. COSTELLO

                              of illinois

                    in the house of representatives

                      Thursday, February 14, 2002

  Mr. COSTELLO. Mr. Speaker, I rise today to comment on the status of 
the domestic steel industry.
  Our domestic steel industry is currently in a crisis situation. The 
fundamental cause of this crisis is massive foreign overcapacity, which 
has caused the United States to become the dumping ground for world 
excess steel products. As a result of this, since 1997, 31 steel 
companies have filed for bankruptcy, affecting over 62,000 American 
steel workers.
  In my home State of Illinois, four steel companies have filed for 
bankruptcy, including Laclede Steel, which is in the congressional 
district I represent. Approximately 5,000 steel workers have lost their 
jobs in Illinois alone.
  Last year, I joined my colleagues on the Congressional Steel Caucus 
in urging the President to implement a section 201 investigation by the 
International Trade Commission to determine if our domestic markets had 
been harmed by illegal dumping. In the fall, I testified before the ITC 
to express my concerns regarding the steel crisis. The ITC ruled 
unanimously that the steel industry had indeed been harmed.
  While the ITC's decision was welcome, it didn't guarantee relief for 
the domestic steel industry. The ITC recommended the highest tariff 
rate of up to 40 percent for 4 years on all subject steel categories; 
however, it is up to the President to determine what type of remedy 
should be afforded to the industry. It is imperative that the President 
imposes the highest possible tariffs, rather than quotas, which will 
not be as helpful to the industry.
  Without strong, decisive and quick action from the President, 
thousands more steel workers are at a very real risk of losing their 
jobs, at an economic time when our nation can least afford it.
  Mr. Speaker, I urge my colleagues to join me in asking the President 
to help our domestic steel industry by implementing tariffs on foreign 
steel. Anything less would be a disservice to the hardworking men and 
women who are counting on the President to stand up for them.

                          ____________________