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KOREAN STEEL INDUSTRY EXPRESSES REGRET FOR ITC RULING

 KOREAN STEEL INDUSTRY EXPRESSES REGRET FOR ITC RULING
 WASHINGTON, Aug. 12 /PRNewswire/ -- The Korea Iron and Steel


Association (KOSA) expressed its regret at the affirmative ruling of the U.S. International Trade Commission (ITC) on a number of trade cases that implicated Korean steel producers. KOSA was greatly disappointed that an affirmative vote was the outcome even on Pohang Iron & Steel's (POSCO) supply to USS-POSCO Industries (UPI), which has contributed significantly to the modernization of the U.S. steel industry.
 KOSA's concern focused on the ITC's failure to exclude imports of hot-rolled coil from POSCO from its determination of injury. UPI, which is regarded as one of the best examples of a successful joint venture in the steel industry, revived U.S. Steel's Pittsburgh, Calif., cold-reducing facility that was otherwise destined to be shut down. A guaranteed and uniform supply of high-quality hot-rolled coil from POSCO enabled UPI to produce high-quality cold-rolled sheet and tin plate for the West Coast market and increased U.S. steel exports to such markets as Mexico and Japan.
 KOSA also expressed regret for an affirmative determination on plate, notwithstanding the fact that Korean exports have steadily declined and accounted for only 0.14 percent of domestic consumption during the first quarter of 1992. Considering the fact that the West Coast plate producers recorded strong profits in 1991, Korea argued that its imports had no discernible adverse impact on the domestic industry. KOSA urged the ITC to reconsider its decision in the final determination.
 KOSA emphasized that it has striven to maintain stability in the steel trade sector while having actively cooperated with U.S. steel policy. Nonetheless, by its actions, the U.S. industry has clearly signaled that it intends to pursue an aggressive protectionist strategy. As a result, the Korean steel industry has urged its government to immediately withdraw the voluntary export restraint (VER), which had been implemented recently in an effort to preserve the status quo.
 Finally, KOSA reaffirmed that it would again be recognized as a fair trader through the case process. KOSA confirmed that the Korean steel industry would continue fighting the unjustified allegations of the U.S. steel industry and in particular stressed that the United States should promptly resume the stalled multilateral steel agreement (MSA) negotiations to further fair and free trade in the steel sector.
 -0- 8/12/92
 /CONTACT: Matt McCullough of Pohang Iron & Steel, 202-785-5645/ CO: Korea Iron & Steel Association; Pohang Iron & Steel ST: District of Columbia IN: MNG SU:


IH -- DC037 -- 6323 08/12/92 16:00 EDT
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Date:Aug 12, 1992
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