[Congressional Record Volume 148, Number 19 (Thursday, February 28, 2002)]
[Senate]
[Pages S1328-S1329]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        AMERICA'S STEEL INDUSTRY

  Mr. DASCHLE. Mr. President, I ask the indulgence of my colleagues. I 
have a short statement that I will use my leader time to make. It 
involves a matter I know is of great concern to a number of our 
colleagues. I wish to make a couple of remarks with regard to the so-
called 201 decision to be made by the administration relating to steel.
  The last few years have been among the worst in history for the 
American steel industry. In just the last 2 years, 31 steel companies 
have filed for bankruptcy. Since January of 2000, more than 50 steel-
making or related plants have shut down or been idle. Steel prices are 
now at their lowest level in 20 years.
  This crisis has been devastating for steelworkers, their families, 
and communities. Over 43,000 steelworkers have

[[Page S1329]]

lost their jobs, and another 600,000 retirees and their surviving 
spouses are in danger of losing their health care benefits because the 
companies that once employed them are now facing bankruptcy.
  A number of those families are in Washington today. In talking with 
them, one quickly realizes the numbers do not even begin to capture the 
pain they are feeling and the insecurity they face about their very 
future.
  These families are hurting because this important sector of our 
economy is competing against global competitors who unfairly benefit 
from government subsidies or have resorted to flooding our Nation with 
imports.
  Seven months ago, the President initiated what is called a section 
201 investigation. This investigation, conducted by the International 
Trade Commission, found unanimously that imports have caused serious 
injury. That means under our trade laws the steel industry deserves an 
immediate and effective remedy.

  In less than a week, by March 6, the President has to make his final 
ruling on what that remedy will be. But we already know the right 
remedy. The remedy is a 40-percent tariff rate for 4 years. That would 
be an effective enforcement of our trade laws and the right thing to do 
for hard-hit steelworker families.
  There is one other action the President must take, and that is lead 
on the issue of promoting consolidation and the protection of 
retirement health benefits, the benefits that were promised years ago 
to workers by companies that are now teetering on the verge of 
bankruptcy.
  These benefits are so-called legacy costs. They really are a lifeline 
for 600,000 retirees and their surviving spouses and a measure of our 
commitment to the healthy and decent retirement these workers have 
earned.
  America's steelworkers have literally built this Nation, from 
skyscrapers that define us, to the military that defends us. In the 
process, they have proven they can compete against any workers anywhere 
in the world and win, so long as the rules are fair.
  In a very real sense, the future of the steel industry in America 
hinges on the administration's decision. So today we are asking the 
administration to use this historic opportunity to do the right thing 
for America's steelworkers, their industry, and the retirement health 
benefits on which they depend.
  I yield the floor, and I thank my colleagues for their willingness to 
accommodate me.
  The ACTING PRESIDENT pro tempore. The Senator from Missouri.

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