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WASHINGTON, D.C. —Today, during a Senate Finance Committee hearing on Treasury Secretary nominee, Paul O'Neill, U.S. Senator Jay Rockefeller (D-WV) stated that the United States Treasury Secretary can, and should, play a pivotal role in advocating for America's steel industry.

Senator Rockefeller met with Mr. O'Neill yesterday where he had the chance to discuss privately his concerns about the new Administration's role in supporting the steel industry. At today's hearing Rockefeller reminded O'Neill that Vice President-elect Cheney – during a visit to Weirton last fall – said that the United States steel industry is critical to our national defense. O'Neill said that he agreed with Cheney adding that our steel industry is even more important to maintaining a balanced economy. Senator Rockefeller intends to work closely with Secretary-designee O'Neill to ensure that his position is translated into favorable action by the incoming Bush Administration.

Earlier this month Senator Rockefeller also received assurances from Commerce Secretary nominee, Don Evans, that he too would be committed to a level playing field for American steelworkers.

The following statement is from Senator Rockefeller's opening remarks at today's nomination hearing.

"As Secretary of the Treasury, you will be in a position to participate in key Cabinet-level discussions about what steps to take to deal with the ongoing and expanding steel crisis. I really hope that I can rely on you to advocate to maintain our steel industry. People are coming to understand that we are in the midst of the most serious steel crisis in our nation's history. The policy decisions that we make during the Bush Administration's tenure will dictate whether or not we preserve basic steel manufacturing capacity in the United States. Twelve steel companies have filed for bankruptcy since the Asian financial crisis precipitated a flood of steel imports. Only one of that dozen has emerged from bankruptcy. Indeed, I suspect more companies are likely to face desperate financial straits in the coming months.

"We have to have a serious conversation about whether or not we want to preserve our steel industry in the face of this grave financial situation. Once that threshold decision is made, we will have to decide what actions to take to ensure we will have a steel industry ten years from now. I am going to call on this Administration, as I did the last, to initiate a 201 investigation to provide comprehensive relief to our domestic steel industry. There is no time to delay.

 "We need to get that investigation underway so the International Trade Commission can do its work and so that relief can be ordered. The President has the authority to call for such an investigation under the Trade Act of 1974. If he were to do so it would send the right first signal to our trading partners that the United States does not intend to sit idly by as its steel industry is decimated. Steel is too important to our ability to protect our manufacturing base and to our national security.

"I hope that you will urge the President-elect to initiate a 201 investigation. I don't know of any other more immediate way to save our industry. Frankly, I don't know how much longer companies like Wheeling Pittsburgh Steel can hold on with the current state of our steel industry and the position of our financial markets. Steel communities across America and tens of thousands of steelworker jobs depend on our decisions, and so do our national security interests.

"I look forward to working with you as our next Secretary of the Treasury."

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