WASHINGTON, March 26, 2015 /PRNewswire/ -- Today, United
States Steel Corporation (NYSE: X) President and CEO
Mario Longhi joined fellow steel
industry leaders in pressing Congress to strengthen America's
economic and national security by halting unfair trade practices
and enforcing the country's trade laws. The prepared text of
Longhi's follows:
Good morning, Mr. Chairman and Members of the Steel
Caucus. Thank you for the opportunity to testify today and
for your support over the years.
I am Mario Longhi, and I am proud
to serve as the President and Chief Executive Officer of United
States Steel Corporation, the largest integrated,
American-headquartered manufacturer of steel.
America's national security is a product of our unrivaled
military, our extraordinary economic prowess, and the strength and
unique resilience of the American people.
Our self-reliance is the envy of the world.
We feed our people, we educate our children, and we do not
outsource our national defense or the building of our vital
infrastructure.
Mr. Chairman, it is worth remembering that in World War II, when
called upon, U. S. Steel produced, among other things, 90% of the
steel used to make over 21 million helmets. And we invented
the landing mat, to project our airpower - wherever and whenever
required.
This body has repeatedly recognized that this nation's safety,
security and prosperity depend upon indigenous capacity to respond
to our essential national needs, in peacetime and in times of
crisis.
We do not build a steel plant in an emergency…we rely on
it.
As you have heard today, not since the late 1990s have we
witnessed the torrent of steel imports. Total and finished
steel products imported into our market by heavily subsidized,
command-economies increased year-to-year between 22 to 90%.
The last time we were at these levels, nearly half of American
steel companies disappeared.
Today, across the country, once again, mills are idled.
Plants continue to be shut down. American workers are laid
off.
American steel companies are being irreparably harmed by illegal
trade practices.
When Congress incorporated the injury standard, it did not
intend for companies or workers to suffer severe, persistent harm
before they can seek relief. A 1979 colloquy between the late
Senators Heinz and Ribicoff made abundantly clear that it would be
perverse to insist that an American company experience grievous
harm before becoming entitled to the full protection of its
nation's laws.
Over 36 years later, that right is now a right with no
meaningful remedy.
While the statute allows for evaluation of relevant factors for
the establishment of material injury, U.S. decision makers have
focused too heavily on operating margins alone as a proxy for
injury.
There are clearly other indicators of injury, including
suppressive effects on cash flow, production, net income,
employment, R&D, and investment in new technologies and
growth. All of these must be taken into account.
The injury language we propose ensures that the trade
enforcement process aligns with the original Congressional
intent.
The application of the correct injury standard is paramount, and
the time to act is now.
We have a rare window of opportunity to do what's right for
American manufacturers and our workers. This opportunity will
not present itself again for at least another decade. If we
do not seize it – if Congress yields its leadership to another
branch of government to legislate by bureaucratic fiat – you will
condemn American manufacturers to irrelevance – or worse.
Trade Promotion Authority must incorporate this injury standard.
If it does not, we should reject it.
Mr. Chairman, it is not enough to open new markets for American
goods and services. I submit to you, the greater economic and
national security interests demand that the enforcement of our
trade laws reflects Congress's original intent.
United States Steel Corporation has never been just another
commercial enterprise.
We are America's steel company. For over a century,
serving our commercial customers, but always standing ready to
react when our nation calls.
In a moment of exceptional need for the steel required to
maintain its strength, America makes a local call.
United States Steel Corporation, headquartered in Pittsburgh, Pa., is a leading integrated steel
producer and Fortune 200 company with major production operations
in the United States and
Central Europe and an annual raw
steelmaking capability of 24.4 million net tons. The company
manufactures a wide range of value-added steel sheet and tubular
products. For more information about U. S. Steel, please
visit www.ussteel.com.
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SOURCE United States Steel Corporation