Weirton Steel Applauds Ruling in Hot Rolled Case, Seeks Additional Government Intervention

Apr 16, 2001, 01:00 ET from Weirton Steel Corp.

    WEIRTON, W.Va., April 16 /PRNewswire/ -- Weirton Steel Corp. (NYSE:   WS)
 President and Chief Executive Officer John Walker today said a federal ruling
 in the company's legal battle with five countries over hot-rolled steel
 imports is further evidence that additional government intervention is needed.
     The U.S. Commerce Department announced preliminary countervailing duties
 against steel producers in South Africa, Thailand, Indonesia and India.  A
 similar ruling against Argentina was issued last month.  Hot rolled imports
 from the five countries totaled 1.6 million tons in 2000.
     A Commerce Department ruling on permanent duties is expected in the near
 future.
     Weirton Steel -- in addition to four other integrated producers, four
 mini-mills and two unions -- filed trade cases in November alleging the
 foreign producers were receiving subsidies from their governments in violation
 of trade law.
     "Today's announcement is reassuring.  Commerce officials found evidence
 that foreign governments are distorting global trade.  They're also disrupting
 steel mills and communities here in the Upper Ohio Valley.  Action from
 Congress and/or the Bush administration is desperately needed," said Walker.
     "With the worldwide overabundance of steel, it's very disturbing that two
 of the mills receiving subsidies are relatively new.  In spite of the U.S.
 warning about overcapacity, regardless, the mills were built and are operating
 thanks to government handouts."
     In addition to the subsidy trade case, the five countries joined five
 other nations in allegedly selling steel in the U.S. at prices contrary to
 trade laws.  The additional five accused of dumping steel are China,
 Kazakhstan, Romania, Taiwan and the Ukraine.  Preliminary duties have yet to
 be determined in the dumping cases.
     The companies affected in today's subsidy ruling include:  SAIL, Essar,
 Ispat, TATA and Gindal of India; PT Krakatau of Indonesia; Saldanha, Iscor and
 Highveld of South Africa; and SSI of Thailand.
     In addition to Weirton Steel, the other complainants in the subsidy and
 dumping cases include Gallatin Steel, IPSCO Steel, Steel Dynamics, Nucor,
 Bethlehem Steel, U.S. Steel Group, LTV Steel, National Steel, the Independent
 Steelworkers Union and the United Steelworkers of America.
     Weirton Steel is the eighth largest U.S. integrated steel company.  It
 produces hot-rolled, cold-rolled, galvanized and tinplated steel products.
 
                             http://www.weirton.com
 
 

SOURCE Weirton Steel Corp.
    WEIRTON, W.Va., April 16 /PRNewswire/ -- Weirton Steel Corp. (NYSE:   WS)
 President and Chief Executive Officer John Walker today said a federal ruling
 in the company's legal battle with five countries over hot-rolled steel
 imports is further evidence that additional government intervention is needed.
     The U.S. Commerce Department announced preliminary countervailing duties
 against steel producers in South Africa, Thailand, Indonesia and India.  A
 similar ruling against Argentina was issued last month.  Hot rolled imports
 from the five countries totaled 1.6 million tons in 2000.
     A Commerce Department ruling on permanent duties is expected in the near
 future.
     Weirton Steel -- in addition to four other integrated producers, four
 mini-mills and two unions -- filed trade cases in November alleging the
 foreign producers were receiving subsidies from their governments in violation
 of trade law.
     "Today's announcement is reassuring.  Commerce officials found evidence
 that foreign governments are distorting global trade.  They're also disrupting
 steel mills and communities here in the Upper Ohio Valley.  Action from
 Congress and/or the Bush administration is desperately needed," said Walker.
     "With the worldwide overabundance of steel, it's very disturbing that two
 of the mills receiving subsidies are relatively new.  In spite of the U.S.
 warning about overcapacity, regardless, the mills were built and are operating
 thanks to government handouts."
     In addition to the subsidy trade case, the five countries joined five
 other nations in allegedly selling steel in the U.S. at prices contrary to
 trade laws.  The additional five accused of dumping steel are China,
 Kazakhstan, Romania, Taiwan and the Ukraine.  Preliminary duties have yet to
 be determined in the dumping cases.
     The companies affected in today's subsidy ruling include:  SAIL, Essar,
 Ispat, TATA and Gindal of India; PT Krakatau of Indonesia; Saldanha, Iscor and
 Highveld of South Africa; and SSI of Thailand.
     In addition to Weirton Steel, the other complainants in the subsidy and
 dumping cases include Gallatin Steel, IPSCO Steel, Steel Dynamics, Nucor,
 Bethlehem Steel, U.S. Steel Group, LTV Steel, National Steel, the Independent
 Steelworkers Union and the United Steelworkers of America.
     Weirton Steel is the eighth largest U.S. integrated steel company.  It
 produces hot-rolled, cold-rolled, galvanized and tinplated steel products.
 
                             http://www.weirton.com
 
 SOURCE  Weirton Steel Corp.