U. S. Steel Welcomes Administration's Support of the Steel Industry
USX chairman and acting U. S. Steel (NYSE: X) president Thomas J. Usher today praised the Bush Administration for taking long-needed action against the flood of unfairly traded steel that, since 1998, has forced 18 steelmakers to file for protection under bankruptcy laws, resulted in a loss of 20,000 jobs and put another 36,000 jobs at risk.
"Initiating a 201 investigation into the crisis in steel trade is a bold and responsive move by the Administration," said Usher. "It sends a message to our trading partners that the United States will no longer be a dumping ground for the world's excess steel - that it's time for them to solve their overcapacity problems and end their market-distorting practices.
"We've been very pleased with the channels of communication that have opened with the new Administration in just a short time," added Usher. "The President, by his action, has demonstrated his understanding of the dire state of our industry.
"Since the 1980s, the U.S. steel industry has invested billions of dollars in technology and training to improve efficiency and protect the environment, and in market development efforts to increase the demand for steel. Today, U.S. steel companies are among the most productive and environmentally conscientious in the world.
"We welcome the Administration's help in our long battle against the foreign steel interests that have seriously injured our industry and jeopardized the jobs of thousands of hard-working Americans."
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SOURCE: U.S. Steel Group
Contact: Tom Ferrall, 412-433-6899, or John Armstrong, 412-433-6792, or
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