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Weirton Steel Official Says 1999 to Be Second Highest Year for Steel Imports; Year-to-Date Total Shows Import Crisis Not OverWEIRTON, W.Va., Dec. 30 /PRNewswire/ -- In spite of a decrease this year in steel imports, a Weirton Steel Corp. (NYSE: WS ) official today said 1999 will be the second highest year in U.S. history for such imports, an indication the steel crisis is far from over. Weirton Steel points to the 32.5 million tons of steel imports that entered the U.S. through November that 1999 is the second highest import year on record. The previous second highest year was 1997 when 31.1 million tons were imported. The record year for steel imports is 1998 with 41.5 million total tons. Based on the foreign steel shipped through November of this year, Weirton Steel estimates an additional 2.9 million tons will have been imported to the U.S. in December. While 1999 will be the second highest year for imports, it falls only 6.1 million tons short of reaching the 1998 record. ``We're pleased import levels are decreasing thanks to the legal action taken by Weirton Steel, other domestic steel producers and unions. But while the decrease is perceived by other countries and other critics that the crisis is over or never existed, nothing is further from the truth. We're not far behind last year's record pace -- that's an indisputable fact,'' said Richard K. Riederer, Weirton Steel president and chief executive officer. ``In addition, domestic steel prices remain depressed because of the amount of imports still entering American markets.'' Riederer explained that Weirton Steel will continue pursuing trade cases against countries violating U.S. trade laws in an attempt to keep unfair imports out of domestic markets. The company, along with its Independent Steelworkers Union, have been complainants in cases over the past 15 months against various countries involving hot-rolled, cold-rolled and tinplated steel imports. Since July 1998, when the import surge began, U.S. steel companies have reported negative financial results, been forced to significantly reduce steel prices and lay off employees. Weirton Steel is the eighth largest integrated U.S. steel company. It produces hot-rolled, cold-rolled, galvanized and tinplated steel. Web site: http://www.weirton.com SOURCE: Weirton Steel Corporation |
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