FOR IMMEDIATE RELEASE:

Date: September 14, 2001

(Washington, D.C.) (September 14, 2001) - More than a quarter of the U.S. market for specialty steel(27%(was captured by imports during the first five months of this year, according to data released today by the Specialty Steel Industry of North America (SSINA). The data, which cover the period from January through May 2001, reflect that while total specialty steel imports declined 24% to 316,038 tons, import penetration decreased only 1% from the comparable 2000 period.

"Unfairly traded imports continue to cause serious injury to the American specialty steel industry and its workers. The predatory trade policies practiced by our international competitors have undercut the achievements of our competitive, high tech, and important industry. This is not how fair trade is supposed to work. Relief under the 201 case recently initiated by President Bush and strengthening our trade laws are critical if we are going to maintain a strong and vibrant industry," said SSINA Chairman H.L. Kephart, President and Chief Executive Officer of G.O. Carlson, Inc., a specialty steel producer in Thorndale, Pennsylvania.

Import penetration for individual specialty steel product lines ranged between 18% and 94%, as follows: Tool steel, 94%; stainless steel rod, 77%; stainless steel bar and wire, 48%; electrical steel, 24%; stainless steel plate, 20%; and stainless steel sheet/strip, 18%.

Imports of tool steel and electrical steel increased 9% and stainless steel wire imports increased 7% during the first five months of this year compared to the same 2000 period. Imports of the other stainless steel product categories(sheet/strip, plate, bar, rod, and wire(declined between 6% and 44%. Imports of stainless steel, nonetheless, still captured 25% of the domestic market.

SSINA is a Washington, DC-based trade association representing virtually all continental specialty steel producers. Specialty steels are high technology, high value stainless and other specialty alloy products. While shipments of specialty steel account for only 2% of all steel shipped in North America, annual revenues of approximately $8 billion account for 14% of the total value of all steel shipped.

David A. Hartquist, an international trade attorney with the Washington, DC law firm of Collier Shannon Scott, PLLC, serves as lead counsel to SSINA.
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Note to Editors: See attached table for more information on U.S. imports, consumption and market penetration data.