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Commerce Department Trade Case Ruling PraisedPRNewswire PITTSBURGH, April 24 /PRNewswire Interactive News Release/ -- U. S. Steel Group (NYSE: X) of USX Corporation said it welcomes preliminary determinations announced today by the Commerce Department finding producers in 11 foreign nations have dumped hot-rolled steel products in the U. S. market at substantial margins. The exporting nations named in pending hot-rolled steel investigations include Argentina, China, India, Indonesia, Kazakhstan, the Netherlands, Romania, South Africa, Taiwan, Thailand and Ukraine. Preliminary margins announced by the Commerce Department ranged from a high of 239% on imports from Kazakhstan to a low of 2.44% on imports from the Netherlands. Thomas J. Usher, Chairman and CEO of USX Corp., said the Commerce Department findings "demonstrate again how widespread and severe the dumping problem is in the domestic steel market." Mr. Usher applauded the Bush Administration for demonstrating a commitment to proper enforcement of U. S. trade laws. "The Administration is sending a strong message that unfair steel dumping will not be tolerated," he said. "Unfairly traded steel imports are a primary cause of the current crisis in the U. S. steel industry. These practices stem from the problem of global steel over-capacity that exists largely because of foreign government subsidies and unfair trading practices." A surge in dumped and subsidized imports during 2000 prompted domestic steel companies to file the trade complaints. Hot-rolled steel imports from the 11 nations totaled nearly 3.4 million tons during the January-August period of 2000 - an increase of more than 111% over the same period in 1999. (For more information on U. S. Steel, visit our Website at http://www.usx.com/ or http://www.ussteel.com/.) USX Corporation press releases are available through Company News On-Call by fax, 800-758-5804, ext. 929150, or at http://www.prnewswire.com/comp/929150.html. SOURCE: U.S. Steel Group Contact: Tom Ferrall, 412-433-6899, or John Armstrong, 412-433-6792, or Website: http://www.usx.com/ Website: http://www.ussteel.com/ Company News On-Call: http://www.prnewswire.com/comp/929150.html or fax, |
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