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STEEL INDUSTRY EXECUTIVES URGE HOUSE STEEL CAUCUS TO SUPPORT INDUSTRY

STEEL INDUSTRY EXECUTIVES URGE HOUSE STEEL CAUCUS TO SUPPORT INDUSTRY
 WASHINGTON, May 22 /PRNewswire/ -- United States steel industry executives urged the House Steel Caucus yesterday to support their industry in its efforts to fight unfair trading practices by foreign companies.
 The six largest integrated U.S. steel companies recently began the process of initiating trade cases with the U.S. Department of Commerce and the U.S. International Trade Commission. They are Armco, Bethlehem, Inland, LTV, National and USX.
 "Over the last several months, the six companies have conducted a major review of the state of unfair steel trade throughout the world," Charles A. Corry, chairman of USX Corporation (NYSE: X) told members of the House Steel Caucus yesterday. "Markets are closed or partially closed in many countries. The selling of subsidized steel in the United States is rampant and there has been massive unfair pricing in our market."
 As an example, Corry pointed to the more than $100 billion foreign countries have spent in subsidizing their steel industries in the last 12 years.
 "Europe alone spent more money on steel subsidies in the 1980s than the United States spent in putting a man on the moon," Corry told the caucus.
 The unfair trade practices have undermined the extensive modernization of the U.S. steel industry in the past decade. More than $22 billion has been spent on equipment and technology, and since 1984, the American steel industry has invested more than its net cash flow into modernization efforts.
 "We are a lower cost producer than Japan, Germany or Brazil for example," Corry said. "Our quality is second to none and our workers are the most efficient anywhere. We did all this operating under our free market system, without government money."
 With respect to the stalled multilateral steel agreement (MSA) negotiations, Corry stressed, "The MSA even if successfully completed, will be prospective only. It attempts to stop future subsidies. It does not try to deal with current or past subsidies and does not address the dumping problem. For this reason, the MSA is not related to our planned litigation. Only the cases will remedy the effects of current and past unfair trade."
 The steel industry officials thanked members of the caucus for their past support in efforts to achieve a level playing field for U.S. workers and companies and asked them to continue that support.
 Specifically, they requested that caucus members support the work and decisions by the Department of Commerce and the International Trade Commission, including authorizing supplemental appropriations.
 -0- 5/22/92
 /CONTACT: Thomas R. Ferrall, 412-433-6899, or Richard W. Glenn, 412-433-6792, both of USX Corp./
 (X) CO: USX Corporation; Armco; Bethlehem; Inland; LTV ST: District of Columbia IN: MNG SU:


CD -- PG017 -- 3310 05/22/92 12:24 EDT
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Publication:PR Newswire
Date:May 22, 1992
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