[Congressional Record Volume 149, Number 37 (Friday, March 7, 2003)]
[Extensions of Remarks]
[Page E387]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     THE PRESIDENT'S STEEL PROGRAM

                                 ______
                                 

                           HON. ROBERT W. NEY

                                of ohio

                    in the house of representatives

                        Wednesday, March 5, 2003

  Mr. NEY. Mr. Speaker, for years our jobs have been washing away in a 
flood of cheap, dumped foreign steel. Until the Bush Administration, 
these calls for help fell on deaf ears. On March 5, 2002, the President 
imposed tariff relief for a period of three years. One year later, the 
proof is irrefutable--the President's steel program is working. It is 
critical to the continuous success of the President's plan that tariff 
relief remain in effect for its full term.
  U.S. steel companies, such as Wheeling-Pittsburgh Steel Corporation 
and Weirton Steel Corporation, have made tremendous efforts to remain 
competitive in the world market. Labor and management have worked 
together to make brutal decisions. Wages have been cut; the number of 
workers and managers has been reduced; new efficiencies and 
technologies have been pursued; bonds have been restructured to reduce 
interest expense and avoid bankruptcy. Despite these sacrifices and 
improvements, these steel companies were still suffering from illegally 
dumped foreign steel.
  Since implementation of Section 201 tariff relief, the industry has 
made significant progress toward restructuring and consolidation, and 
these efforts will continue. The international talks on overcapacity 
and subsidies are making real progress. In addition, domestic producers 
have enjoyed improvements in revenues, operating income, and capacity 
utilization. A number of companies have returned to profitability, 
while others have shown significant improvement even though they have 
not yet become profitable.
  There have however been significant surges of imports from certain 
excluded countries, and, to the extent there is any concern about the 
program, it is that too many imports could be undermining relief. In 
fact, imports of flat-rolled steel increased substantially after 
imposition of Section 201 measures in 2002, as compared to the same 
period in 2001. Therefore, the Section 201 tariff measures must be 
fully enforced if our industry is to arrive at a successful conclusion. 
While recovery will take time, the President's plan has allowed the 
industry to make a real start.

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