Glenn English: “Tariffs in the range of 40 percent are clearly needed if the industry is to recover. But, Mr. Speaker, we recognize the…”

“Tariffs in the range of 40 percent are clearly needed if the industry is to recover. But, Mr. Speaker, we recognize the March 6 decision is only the first inning; 201 action must be followed by a concrete commitment from our trading partners to reduce inefficient global overcapacity. Again, I have to congratulate the President for his understanding of the issue and his foresight in initiating the OECD talks. Beyond that, we must look at ways to address the industry's legacy costs, clearing the way for a domestic steel renaissance. Continued cooperation between Congress and the Bush administration is the only way of ensuring the viability of the domestic steel industry. Let us think a minute about the fundamental causes of this crisis. In my view, one of the underlying causes is a massive foreign inefficient overcapacity.”