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ROCKEFELLER ANNOUNCES FINANCE COMMITTEE PASSAGE OF A SECTION 201 PETITION TO HELP SAVE U.S. STEEL INDUSTRY

WASHINGTON, D.C. – Senator Jay Rockefeller (D-WV) today hailed the Senate Finance Committee for approving a Section 201 petition that calls on the International Trade Commission (ITC) to initiate a comprehensive investigation of foreign steel imports. The petition echoes the Section 201 petition that was sent to the ITC by the Bush Administration last month.

"Today’s petition from the Finance Committee underscores the urgent need to end the flood of steel imports that are swallowing the American market," said Rockefeller. "The Finance Committee’s petition, along with the Administration’s petition, sends a strong signal to the ITC that both Congress and the Bush Administration believe there is a serious concern about the effect imports have had on our steel companies." The Senator added, "It has been a long and bumpy road, but we are finally beginning to take the action necessary to deal with the problems facing our steel industry."

Rockefeller has consistently championed fair trade practices for steel, including restricting foreign imports. He has been a leading force in pressuring both the Administration and the Senate Committee on Finance to initiate a Section 201 investigation, believing that the investigation is a critical step in the efforts to help save the U.S. steel industry.

"The American steel industry needs the relief available under Section 201 to help offset the tremendous damage done by the surge of imports. The survival of a domestic industry that is critical to our nation’s national security is at stake, and in the case of an alternative finding, I urge the President to provide full and meaningful relief to help the steel industry get back on its feet," Rockefeller added.

Rockefeller noted that although the initiation of the a Section 201 investigation is a critical step toward halting the demise of the U.S. steel industry, more will need to be done to help the industry survive. Among those steps are a multilateral steel agreement negotiated by the President; an emergency steel summit with officials from the industry and unions, along with representatives from the Administration and state governments; and, the passage of the "Save the American Steel Industry Act of 2001" which is aimed at encouraging consolidation in the steel industry by helping companies with legacy costs and the costs of complying with environmental regulation.

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