Cord Byrd: “Very importantly, in Title I of the bill, the Committee unanimously approved provisions that I included to establish the…”

“Very importantly, in Title I of the bill, the Committee unanimously approved provisions that I included to establish the Emergency Steel Loan Guarantee Program. This initiative is designed to respond to record levels of foreign steel imports that have been illegally dumped in U.S. markets. As a result of these imports, more than 10,000 American jobs have been lost, and the United Steelworkers of America estimates that another 100,000 jobs are in peril nationwide. In my home state of West Virginia, nearly 800 men and women have been laid off from Weirton Steel. Three domestic producers have already filed for bankruptcy, and others are in dire financial straits. If the U.S. steel industry goes under, not only will there be lost jobs, but there will also be lost communities; the domestic industrial base that underpins our security will be irreparably weakened; and the nation's defense readiness will be diminished.”