[Congressional Record (Bound Edition), Volume 149 (2003), Part 4]
[Extensions of Remarks]
[Page 5535]
[From the U.S. Government Publishing Office, www.gpo.gov]




       THE PRESIDENT'S STEEL INITIATIVE ONE YEAR LATER: A SUCCESS

                                 ______
                                 

                            HON. ROB BISHOP

                                of utah

                    in the house of representatives

                        Wednesday, March 5, 2003

  Mr. BISHOP of Utah. Mr. Speaker, one year ago today, the President 
made a courageous decision to impose a temporary trade remedy against 
dumped and subsidized steel imports that were causing serious injury to 
our U.S. steel industry and its workers. This action was taken under 
Section 201 of the Trade Act, and the international rules of the World 
Trade Organization Safeguards Agreement. One year later, it is clear 
that his steel initiative has begun to produce an important 
consolidation and restructuring of the U.S. steel industry that will 
benefit our national economic security and our domestic steel customer 
base long-term.
  Since the President's decision, prices are recovering, steel supply 
is generally robust, and the industry has begun dramatic consolidation 
and restructuring. This recovery is important news for Nucor Steel 
Utah, located in my district, and for steel producers in other similar 
communities all across America. The result at the end of the three-year 
period will be top quality steel, produced in high technology mills in 
America, which will become an even better value for our nation's steel 
consumers.
  The President is also addressing the root cause of the import 
problems, by negotiating with our trading partners to eliminate global 
excess capacity and foreign government subsidies. As a result, the 
world's steel producing nations are for the first time talking 
meaningfully about reducing unneeded capacity and eliminating 
subsidies.
  I thank the President for upholding our trade laws, despite intense 
opposition from abroad. His decision was the correct one. Thank you, 
Mr. President, stay the course. Your plan is benefiting my district and 
the nation's steel industry.

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