Richard Shelby: “As you know, several companies have already been forced into bankruptcy because of the ``critical circumstances'' that…”

“As you know, several companies have already been forced into bankruptcy because of the ``critical circumstances'' that these unprecedented levels of imports have caused--Acme, Laclede, and Geneva Steel come to mind--and that several other companies are in a distressed financial condition, including companies in West Virginia and Alabama. Senator Sessions and I have met with the workers of steel companies on numerous occasions since this crisis started last fall. We have been told that because of this dire situation, companies are no longer able to borrow money in the private sector because of the disruptive and uncertain market. In which they must operate and that the immediate implementation of the Emergency Steel Loan Program is essential to the continued viability of these companies. It is my understanding that this programs is specifically designed to encourage the private sector to make such loans available and that the Board will expedite its review of loan guarantee applicants that are in immediate need of such financial assistance.”