Gerald Kleczka: “I rise in support of H.R. 975, legislation to limit and monitor foreign steel imports. H.R. 975 would impose quotas on…”

“I rise in support of H.R. 975, legislation to limit and monitor foreign steel imports. H.R. 975 would impose quotas on foreign steel imports equal to their July 1997 import levels. Imposing quotas is a dramatic step. However, it is a step that must be taken. Over the past 2 years, our Nation's steel industry has been decimated by the flood of cheap foreign imports. Between 1996 and 1998, steel imports increased from 26.4 million tons to more than 37 million tons-- an increase of 42 percent. As a result of the surge, steel prices plummeted from $512 per ton to $40 per ton. As a result of the price drop the domestic steel industry has been put into a state of crisis. Since the surge of foreign steel imports began 2 years ago, more than 10,000 steelworkers have been laid off from their jobs and more than 20,000 steelworkers have worked shorter hours. Even more disturbing, three steel mills have been forced into bankruptcy. Even if steel prices return to their previous levels, those mills may never open again. The jobs in the steel industry are high-skill, high-paying jobs. When a steel plant closes down, a community struggles for years, even decades. Congress cannot idly stand by and watch thousand of quality jobs and our nation's communities vanish. The crisis in the steel industry was caused by the global economic slowdown.”