STEEL: MONITORING DEVELOPMENTS IN THE DOMESTIC INDUSTRY

Background on this investigation:

In March 2002, following a finding by the U.S. International Trade Commission (under section 202 of the Trade Act of 1974) that imports of certain steel products were being imported in such increased quantities as to be a substantial cause of serious injury to the U.S. industry, President George W. Bush imposed tariffs and tariff-rate quotas on those imports for a period of three years.

As required by the global safeguard law under which this action was taken, on March 5, 2003, the Commission instituted a mid-term review investigation (under section 204(a) of the Trade Act of 1974) to report to the President and the Congress on the results of its monitoring of developments related to the U.S. steel industry since the President imposed tariffs and tariff-rate quotas on those imports.

Please note that on March 18, 2003, the Committee on Ways and Means, U.S. House of Representatives, requested that the ITC conduct a general factfinding investigation under section 332 of the Tariff Act of 1930 to examine the current competitive conditions facing U.S. steel-consuming industries with respect to the tariffs and tariff-rate quotas imposed by the President on those imports.

Accordingly, the ITC is conducting two separate investigations that address different questions and will result in two separate reports. However, as requested, the ITC will transmit the two reports in a single document to the President and the Congress by September 20, 2003.