U. S. Steel Hails Formation of Senate Manufacturing Caucus
United States Steel Corporation (NYSE: X) today welcomed the formation of a new caucus in the U.S. Senate focused specifically on manufacturing issues.
"We believe that the Senate Manufacturing Caucus can play a vital role in focusing the attention of policymakers on the challenges facing American manufacturers," said John P. Surma, President and Chief Executive Officer of U. S. Steel. "While the United States faces a number of key trade issues, none is more important than addressing the crisis facing our manufacturing sector."
The formation of the new Caucus comes at a critical time for U.S. manufacturers. Since April 2000, U.S. manufacturers have lost approximately 3 million jobs, or more than 17 percent of all manufacturing jobs in this country. U.S. trade deficits have exploded -- with the trade deficit in goods increasing from $165.8 billion in 1994 to more than $665 billion in 2004. With more and more basic manufacturing industries exiting the United States, these trends simply cannot continue if we are to retain a viable manufacturing sector.
"The fact is that international rules are in a number of respects clearly tilted against U.S. manufacturers -- including international tax provisions that favor foreign VAT systems, ineffective rules against currency manipulation and unfair trade practices, and inadequate guarantees of basic regulatory standards in international trade," commented Surma.
The new Senate caucus will focus on the broad range of issues confronting the nation's manufacturers, including unfair global trade rules and practices as well as domestic issues, such as tax and regulatory policies impacting the sector. The bipartisan caucus intends to hold hearings and roundtable discussions to explore issues, as well as to develop concrete legislative proposals to address problems affecting American manufacturing.
"I congratulate Senators Graham and Clinton for their foresight in creating this critical forum, as well as all of the Senators who will participate in the caucus," said Surma. "The time is long overdue for a serious and far-reaching manufacturing agenda, and we are hopeful that this caucus will play a central part in achieving that goal."
For more information about U. S. Steel, visit www.ussteel.com .
SOURCE: United States Steel Corporation
CONTACT: Terrence D. Straub, Governmental Affairs of United States Steel
Web site: http://www.ussteel.com/
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