Peter Visclosky: “as we meet today, the United States steel industry continues to bleed to death. Let me give you but one example. LTV…”

“as we meet today, the United States steel industry continues to bleed to death. Let me give you but one example. LTV stock has plummeted 75 percent since January, and its year-end losses are likely to approach $2 per share. On October 5, they essentially gave away two tin mills, one in Gary, Indiana, the other in Aliquippa, Pennsylvania. Most importantly, today they are going to announce that one out of every ten people who yesterday were working in East Chicago, Indiana, are not going to continue to work there. There will be 30 people today, one out of every ten employees, who will not have a job at day's end. That is why, under the leadership of the gentleman from New York (Mr. Quinn) and the gentleman from West Virginia (Mr. Mollohan), 236 of us have asked the President to initiate a 201 trade action on those countries and those companies that are dumping steel and violating our law. It is time that the administration initiate that 201 trade action, and it is also time that the administration should immediately take action against non-WTO member nations who import steel in order to stem the tide of illegally imported steel from some of the worst violators of our trade laws.”