For Immediate Release

BETHLEHEM, Pa., November 2, 2001 -The U.S. International Trade Commission today determined, by a unanimous vote, that the domestic hot-rolled steel industry is materially injured due to dumped and subsidized imports from China, India, Indonesia, Kazakhstan, the Netherlands, Romania, South Africa, Taiwan, Thailand, and Ukraine. In an earlier vote, the Commission determined that antidumping duties should be levied against Argentina and South Africa, as well as countervailing duties against Argentina. The American steel industry applauds the Commission's affirmative determination. This affirmative vote clears the way for the Commerce Department's final antidumping and countervailing duty margins to be enforced. The U.S. Department of Commerce found massive unfair trade, issuing antidumping margins as high as 243 percent, and countervailing duty rates as high as 41 percent. These trade laws are designed to ensure that foreign producers trade fairly on a prospective basis in the U.S. market. With these decisions, these foreign producers must begin to sell at fair prices in the United States or be subject to the duties.

The Commission's final determination that hot-rolled imports materially injured the domestic industry underscores the continuing import crisis American steel companies and workers face. "This investigation has demonstrated once again that many foreign steel producers are not playing by the rules in their attempt to gain market share at any price," said Thomas J. Usher, Chairman and CEO of United States Steel. Robert S. Miller, Chairman and CEO of Bethlehem Steel, also remarked that, "with margins as high as 243 percent, it is clear that some foreign producers had no intentions of selling their products fairly into the U.S. market. American steel companies and workers cannot be expected to compete against foreign producers who violate our trade laws." Mr. Miller also added, "subsidy rates as high as 41 percent leave no doubt as to the source of the problem of global excess steel capacity. Foreign governments must stop subsidizing excess steel capacity or else this problem will never be solved."

Excess global steel capacity must be eliminated if normal market forces are to return to the global steel trading system. As long as the U.S. market remains accessible to the massive foreign excess steel capacity, steel will continue to be dumped into the U.S. market on the backs of American companies and workers. Mr. William H. Bricker, Chairman, President and CEO of LTV Steel Company, stated that, "this affirmative determination will serve as a confirmation to foreign steel producers and governments that there are consequences for dumping into the U.S. market." He further stated, "the significant margins in this investigation will aid in offsetting the underselling and market distortions in the U.S. market and force foreign producers to address the problem of their excess steel capacity."

This investigation clearly demonstrates the need for the American steel industry to continue seeking relief against all unfairly traded imports.

Additional Media Contact Information:

Bethlehem Steel Corporation
Bob Bilheimer
610-694-3711

United States Steel LLC
John Armstrong
412-433-6847

LTV Steel Corporation
Mark Tomasch
216-622-4635

National Steel Corporation
Ron Freeman
219-273-7579

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