Senator Arlen Specter - Pennsylvania

Arlen Specter - U.S. Senator - Pennsylvania

March 5th, 2002

Contact: William Reynolds, 202-224-9020

SPECTER COMMENTS ON PRESIDENTIAL SECTION 201 DECISION ON STEEL IMPORTS

- WASHINGTON, D.C. – U.S. Senator Arlen Specter (R-PA), Vice Chairman of the U.S. Senate Steel Caucus, today praised President Bush’s anticipated announcement to afford American steel companies a much needed remedy through tariffs on illegal steel imports.

“The action taken on imposing tariffs will give the steel industry an opportunity to restructure,”stated Senator Specter in an afternoon U.S. Steel Caucus news conference. “There are some thirty-one steel companies which have gone into bankruptcy proceedings in the last few years, hundreds of thousands of steel workers have lost their jobs, notwithstanding the fact that more than 50 billion dollars have been spent to modernize the American steel industry.”

In regards to the next step to be taken regarding the steel industry, Senator Specter noted that although, “President Bush’s action is the first decisive action taken by an American President in a very long time, it is only step one. What has to be done beyond is dealing with legacy costs – involving principally health care.”

Referring to a meeting he had with the President earlier today, Senator Specter noted that the legacy cost issue is very much alive. “The White House is interested in pursuing legacy costs notwithstanding some press comments to the contrary. One idea which was floated is the possibility of having a health care unit in the government like the Pension Benefits Guarantee Corporation, which may provide some overall industry approach to the issue of health care.”

Senator Specter has been a leader in the fight to help protect steel. On March 2, 2001, he and thirteen colleagues sent a joint letter to the President requesting that the Administration petition the International Trade Commission (ITC) under Section 201 of the Trade Act of 1974 to seek temporary relief from injurious foreign steel imports that were being illegally dumped in the US.

On May 22, 2001, Senator Specter hosted a meeting between the Congressional Steel Caucus and Secretary of Commerce Don Evans, Secretary of the Treasury Paul

O’Neill, and U.S. Trade Representative Robert Zoellick. Following the meeting, President Bush announced on June 5, 2001, that he would ask the ITC to initiate a Section 201 investigation.

On September 25, the ITC found that 12 categories of steel were being imported to the U.S. in such quantities that they are a substantial cause of injury or a threat of serious injury to the U.S. steel industry.

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