ADVISORY/Leading U.S. Economist Available to Comment on OECD Talks to Reduce World Steel Overproduction.

Business Editors

ADVISORY...Tues. (Dec. 18)

--(BUSINESS WIRE)

A leading US economist urged the Bush administration not to undercut this week's talks by the Organisation for Economic Co-operation and Development to reduce the world's overproduction of steel, and risk alienating its antiterrorism allies, by unilaterally imposing steel import tariffs of up to 40 percent and other import restrictions, as recommended by the International Trade Commission (ITC).

"The Bush administration is doing the right thing by meeting in Paris this week with member countries of the OECD to discuss ways to alleviate the current world steel crisis," said Ph.D. economist Robert W. Crandall, who has written extensively on the U.S. and world steel industries. "But the administration can't have it both ways. It can't push for co-operation in stabilizing the world steel industry and then impose import trade restrictions to protect US steel companies' production capabilities. Protectionist measures will needlessly jump start a trade war with our European and Asian trading partners."

The Bush administration requested the ITC make recommendations to help the ailing steel industry on June 5. The ITC released its recommendations for steel import restrictions and tariffs on December 7 and will formally send them to President Bush on December 19. The President must decide on those recommendations on or before February 17.

WHAT: Commentary on Organisation for Economic Co-operation and Development
meeting in Paris to discuss ways to reduce the world's overproduction of steel
and Bush administration's pending decision whether to impose steel import
restrictions and tariffs. WHO: Robert Crandall, Ph.D., Sr. Fellow, Economic
Studies, Brookings Institution WHEN: Tuesday, December 18, 2001 WHERE:

Available for phone interviews at 202-797-6291