[Congressional Record Volume 149, Number 141 (Wednesday, October 8, 2003)]
[House]
[Page H9355]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           THE BUSH ADMINISTRATION'S STEEL POLICY IS WORKING

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Pennsylvania (Mr. English) is recognized for 5 minutes.
  Mr. ENGLISH. Mr. Speaker, I rise today in strong support of President 
Bush's steel policy which was implemented in March, 2002, to provide 
the domestic steel industry with a 3-year safeguard program against a 
crushing surge of steel imports that had begun in 1998.
  As chairman of the Congressional Steel Caucus, I have seen firsthand 
and heard testimony from many steel employers on the extent of the 
economic devastation that the industry suffered as a result of the 
import surge. In my view, President Bush took the courageous position 
to stand up for the steel industry and acted to help restore the steel 
industry to its competitive footing, something that, unfortunately, the 
previous administration had not chosen to do.
  On September 19, the International Trade Commission issued a mid-term 
review of the 201 safeguard, which confirmed what many of us had 
predicted for some time, that President Bush's steel policy is working 
and showing substantial results. In short, the ITC mid-term review of 
the President's steel policy is a win for the administration and a win 
for steel employers and workers.
  Since 2002, we have seen the domestic industry begin a heroic 
recovery and restructuring of the industry and groundbreaking new labor 
agreements. Yet critics of the steel program argue that steel consumers 
have unduly suffered from the tariffs imposed on selected imports, and 
they have clamored for the elimination of the President's program. In 
my view, the ITC report quells those critics' voices and shows, 
demonstrating very clearly, that the section 201 safeguard has had 
minimal impact on the steel-consuming industries.
  The ITC report reveals that the domestic steel industry has been 
doing the right things to get their companies into top shape so they 
could compete globally. Steel prices have stabilized at a sustainable 
level after an initial price spike immediately following the 
implementation of tariffs. This reaffirms the administration's policy 
and their decision to allow numerous exemptions from the tariff 
structure.
  Serious attempts to restructure, reach groundbreaking agreements 
between management and labor and significant capital investments have 
been taken by industry, but, frankly, they cannot stop there. The 201 
safeguard program must remain in place for the full 3 years and allow 
the industry to finish what it has begun and truly recover from 
devastating import surges.
  Mr. Speaker, this really boils down to jobs. The 201 safeguard has 
stopped the hemorrhaging of jobs among steel producers, and the ITC 
report found that steel-consuming jobs have not been put at risk by 
this policy.
  Since this most recent crisis in the steel sector began, over 54,000 
steelworkers have lost their jobs and over 30 steel companies have had 
to close their doors.
  We developed trade remedy laws like the 201 safeguard specifically to 
help our companies endure unfair import surges like the one that caused 
this crisis in the steel industry. We must not allow unfair foreign 
trade to push our steelworkers out of jobs and force more and more of 
our good-paying jobs offshore.
  I am pleased that the ITC found at core that President Bush's steel 
policy is good for the industry, it is good for America, and it is good 
for America's industrial base. We must remain vigilant and police our 
markets for the sake of our steel industry, manufacturers, and the 
entire American economy.
  I want to thank President Bush for standing up for steel, and I urge 
him to stick with it.

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