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INDUSTRY URGES VRA EXTENSION FOR SPECIALTY STEEL

 INDUSTRY URGES VRA EXTENSION FOR SPECIALTY STEEL
 WASHINGTON, Feb. 20 /PRNewswire/ -- Robert E. Heaton, chairman of


the Specialty Steel Industry of the United States (SSIUS), in testimony before the Senate Steel Caucus, today called for continuation of the Voluntary Restraint Arrangements (VRAs) for a period of three years.
 Today's testimony supplemented the joint call for the VRA extension announced yesterday by the specialty steel industry and the United Steelworkers of America (USWA).
 In his testimony urging a three-year extension of the VRAs covering specialty steel, Heaton made several points, including:
 -- Dumping and foreign subsidization of specialty steels is a continuing factor in the U.S. market. These conditions have not been resolved as directed by the president on July 25, 1989.
 -- Overcapacity problems have worsened. Worldwide capacity increases by foreign producers during the VRA period have actually exceeded annual U.S. consumption.
 -- The domestic specialty steel market has weakened. Imports are up, prices are soft and profitability has declined.
 -- The VRAs for specialty steels, unlike other products, have been fully utilized by foreign producers.
 -- Specialty steel prices have not hurt U.S. consumers. Price trends have risen far less than the CPI and indices covering other commodities.
 -- Specialty steel jobs lost to imports over the years have not been recovered. Along with the jobs, the welfare of many communities and the nation's interest in the continued manufacturing capabilities for these essential materials are at stake.
 -- The industry has maintained its technological edge by massive investments in its plants and facilities during the VRA period.
 -0- 2/20/92
 /NOTE: A full coy of Heaton's testimony is available./
 /CONTACT: Bert Delano, 412-394-2813, or Meg Mullery, 202-342-8439, both for the Specialty Steel Industry of the United States/ CO: Specialty Steel Industry of the United States ST: District of Columbia IN: MNG SU:


TW-DC -- DC042 -- 1150 02/20/92 17:24 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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