[Congressional Record (Bound Edition), Volume 147 (2001), Part 17]
[Extensions of Remarks]
[Pages 23685-23686]
[From the U.S. Government Publishing Office, www.gpo.gov]



             DEPARTMENT OF DEFENSE APPROPRIATIONS ACT, 2002

                                 ______
                                 

                               speech of

                         HON. JERRY F. COSTELLO

                              of illinois

                    in the house of representatives

                      Wednesday, November 28, 2001

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 3338) making 
     appropriations for the Department of Defense for the fiscal 
     year ending September 30, 2002, and for other purposes:

  Mr. COSTELLO. Mr. Chairman, I rise today in support of the amendment 
offered by my good friend Congressman Visclosky.
  Mr. Speaker, our Nation's steel industry is in a crisis situation. 
Since 1997, 26 companies have filed for bankruptcy. Since January first

[[Page 23686]]

of this year, 13 companies have filed for bankruptcy, and 11 have 
ceased operations, including Laclede Steel, which is located in the 
congressional district I represent.
  Steel is the basic component used in the construction of every 
military vehicle, ship, weaponry system, and small firearm used by the 
U.S. military. Steel is used to build our bridges and our railroad 
tracks. Both the electric power and oil and gas industries are 
dependent on steel. America needs a strong steel industry.
  Earlier this year, I testified before the International Trade 
Commission and asked them to find that the domestic steel industry has 
been severely injured by the surge of foreign imports into American 
markets. Under section 201 of the trade laws, the International Trade 
Commission found that steel industry had been damaged by foreign 
imports. The section 201 process will give our steel companies time to 
restructure and reorganize in response to the effects of the recent 
import surge.
  Currently, there are nearly 2 million Americans who are directly or 
indirectly employed by the steel industry, or receive pensions and 
healthcare from current and former steel companies. Because of the 
current crisis situation in the industry, the $1 billion that the steel 
companies spend annually on retiree health care is a significant 
impediment to the mergers and acquisitions that will need to occur for 
the steel industry to right itself.
  This amendment would create a Steel Industry Legacy Relief Program to 
provide assistance to steel producers in meeting retiree health care 
costs. The program would be established in and administered by the 
Department of Labor.
  The establishment of the Steel Industry Legacy Relief Program will go 
a long way in supporting our domestic steel industry in a time that we 
need it most. The steel industry is vital to our national defense, and 
especially now, we cannot afford to become dependent on foreign steel. 
I strongly support the establishment of this program in order to save 
the steel industry in this great Nation. I urge my colleagues to join 
me in supporting this amendment.

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