Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., October 22, 2001 - The U.S. International Trade Commission (ITC) today, by a unanimous vote of 6-0, found that the domestic steel industry has been seriously injured by steel imports of flat-rolled products and moved the Section 201 steel trade investigation to its next phase.

"Bethlehem Steel is extremely pleased and encouraged by today's unanimous vote and determination," said Bethlehem Steel's chairman and chief executive officer, Robert S. Miller, Jr. "It confirms what we have been saying all along, that illegally traded imports have devastated our market, put thousands of steel employees out of work and have placed companies and communities at risk.

"This is an important first step toward a comprehensive solution to the global steel crisis. The ITC must now develop an effective remedy recommendation for the President's consideration. President Bush has been extremely supportive of the industry, having declared steel an essential component of our domestic economy and national security. We thank the Bush Administration for that support, and we thank the many members of Congress, state and local officials, and others who testified on the steel industry's behalf at the recent ITC hearings. Bethlehem Steel's recent filing for bankruptcy under Chapter 11 only serves to underscore the fact that American Steel companies and workers need relief from continued low-priced imports -- and they need it now," Mr. Miller emphasized.

Other Bethlehem product lines that were decided today included a favorable vote on tin mill products and welded pipe (other than oil country tubular goods). The case on rail was decided in the negative by a 4-2 vote.

Today's positive votes will greatly assist the Administration in implementing the President's Steel Plan. Bethlehem Steel strongly recommends that the remedy crafted by the ITC pursuant to that Plan should include the following components:

• A period of comprehensive relief against all flat-rolled imported steel products by use of tariffs that will help return domestic steel prices to normal market-based levels.

• Tariff revenues should be returned to the industry to assist in its recovery.

• Policy initiatives aimed at encouraging consolidation in the domestic industry and that will address overwhelming legacy cost obligations.

The remedy must also be coupled with successful multilateral negotiations by the Administration aimed at: (1) curbing and eliminating foreign excess steel capacity, and (2) eliminating the underlying market-distorting subsidies and protected home markets by foreign governments that led to the current conditions.

For More Information Contact:

Bette Kovach
(610) 694-6308
Bethlehem Steel Corporation
Public Affairs Department

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