[Public Papers of the Presidents of the United States: George W. Bush (2003, Book II)]
[December 4, 2003]
[Pages 1678-1679]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on the Decision To Terminate Temporary Safeguards To Help the 
Domestic Steel Industry
December 4, 2003

    Today, I signed a proclamation ending the temporary steel safeguard 
measures I put in place in March 2002. Prior to that time, steel prices 
were at 20-year lows, and the U.S. International Trade Commission found 
that a surge in imports to the U.S. market was causing serious injury to 
our domestic steel industry. I took action to give the industry a chance 
to adjust to the surge in foreign imports and to give relief to the 
workers and communities that depend on steel for their jobs and 
livelihoods.

[[Page 1679]]

These safeguard measures have now achieved their purpose, and as a 
result of changed economic circumstances it is time to lift them.
    The U.S. steel industry wisely used the 21 months of breathing space 
we provided to consolidate and restructure. The industry made progress 
increasing productivity, lowering production costs, and making America 
more competitive with foreign steel producers. Steel producers and 
workers have negotiated new groundbreaking labor agreements that allow 
greater flexibility and increase job stability. The Pension Benefit 
Guaranty Corporation has guaranteed the pensions of eligible 
steelworkers and retirees and relieved the high pension costs that 
burdened some companies. My jobs-and-growth plan has also created more 
favorable economic conditions for the industry, and the improving 
economy will help further stimulate demand.
    To keep the positive momentum going, we will continue our steel 
import licensing and monitoring program so that my administration can 
quickly respond to future import surges that could unfairly damage the 
industry. We will continue negotiations with our trading partners 
through the Organization of Economic Cooperation and Development to 
establish new and stronger disciplines on subsidies that governments 
grant to their steel producers. We will continue to pursue economic 
policies that create the conditions for steel producers, steel 
consumers--who rely on steel to produce goods ranging from refrigerators 
to auto parts--and other U.S. manufacturers to succeed.
    I strongly believe that America's workers can compete with anyone in 
the world as long as we have a fair and level playing field. Free trade 
opens foreign markets to American products and creates jobs for American 
workers, and an integral part of our commitment to free trade is our 
commitment to enforcing our trade laws. I am pleased the steel industry 
seized the opportunity we provided to regain its competitiveness and 
assist steelworkers and their communities. As a result, U.S. steel 
companies are now once again well-positioned to compete both at home and 
globally.

Note: The proclamation of December 4 is listed in Appendix D at the end 
of this volume.