For Immediate Release
Office of the Press Secretary
December 4, 2003
President's Statement on Steel
Statement by the President
Steel Proclamation
December 4, 2003
STATEMENT BY THE PRESIDENT
Today, I signed a proclamation ending the temporary steel safeguard
measures I put in place in March 2002. Prior to that time, steel
prices were at 20-year lows, and the U.S. International Trade
Commission found that a surge in imports to the U.S. market was causing
serious injury to our domestic steel industry. I took action to give
the industry a chance to adjust to the surge in foreign imports and to
give relief to the workers and communities that depend on steel for
their jobs and livelihoods. These safeguard measures have now achieved
their purpose, and as a result of changed economic circumstances it is
time to lift them.
The U.S. steel industry wisely used the 21 months of breathing
space we provided to consolidate and restructure. The industry made
progress increasing productivity, lowering production costs, and making
America more competitive with foreign steel producers. Steel producers
and workers have negotiated new groundbreaking labor agreements that
allow greater flexibility and increase job stability. The Pension
Benefit Guaranty Corporation has guaranteed the pensions of eligible
steelworkers and retirees and relieved the high pension costs that
burdened some companies. My jobs and growth plan has also created more
favorable economic conditions for the industry, and the improving
economy will help further stimulate demand.
To keep the positive momentum going, we will continue our steel
import licensing and monitoring program so that my Administration can
quickly respond to future import surges that could unfairly damage the
industry. We will continue negotiations with our trading partners
through the Organization of Economic Cooperation and Development to
establish new and stronger disciplines on subsidies that governments
grant to their steel producers. We will continue to pursue economic
policies that create the conditions for steel producers, steel
consumers -- who rely on steel to produce goods ranging from
refrigerators to auto parts - and other U.S. manufacturers to
succeed.
I strongly believe that America's workers can compete with anyone
in the world as long as we have a fair and level playing field. Free
trade opens foreign markets to American products and creates jobs for
American workers, and an integral part of our commitment to free trade
is our commitment to enforcing our trade laws. I am pleased the steel
industry seized the opportunity we provided to regain its
competitiveness and assist steelworkers and their communities. As a
result, U.S. steel companies are now once again well-positioned to
compete both at home and globally.
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