Cord Byrd: “Roughly 2 years ago, we passed legislation to create the Emergency Steel Loan Guarantee Program, Public Law 106-51. The…”

“Roughly 2 years ago, we passed legislation to create the Emergency Steel Loan Guarantee Program, Public Law 106-51. The President signed the legislation on August 17, 1999. At that time, we were alarmed by a growing crisis in the steel industry. Therefore, Congress found that the U.S. steel industry had been severely harmed by a record surge of more than 40 million tons of steel imports in 1998. In addition, we found that the surge had resulted in the loss of more than 10,000 steelworker jobs in 1998 and was the proximate cause of bankruptcy for three steel companies; that the imports had damaged the financial viability of the American steel industry and had affected the willingness of private lenders to make loans to the industry; that all of these developments were having serious negative effects on communities across the country; and that: a strong steel industry is necessary to the adequate defense preparedness of the United States in order to have sufficient steel available to build the ships, tanks, planes, and armaments necessary for the national defense.”