Hot Rolled Statement

Cold Rolled Statement

Tin Mill Product Case

Spring, 1998
April 1998	Residents of the Ohio Valley, steelworkers from Weirton Steel Corp., the Independent Steelworkers Union (ISU) and the United Steelworkers of America (USWA) initiated a campaign against South Korea for illegally subsidizing Hanbo Steel in that country. In addition to making the problem known nationally, they initiated a petition
Summer, 1998
June 1998	Ohio Valley delivers petitions containing 12,000 names to Washington, D.C., and holds press conference on Capitol Hill with key federal legislators from steel producing states and regions of the country. Petitions are delivered to the White House, Commerce Department and the Office of the U.S. Trade Representative. Message is to request that the Korean government end unfair trade practices and close Hanbo Steel, citing that company has received Korean government subsidies. Clinton administration holds meeting with Korean President Kim Dae Jung and raises issue of Hanbo Steel, urging Korean government to end subsidies to Hanbo.
July 1998	U.S. government announces that Hanbo Steel closes plant.
Aug.-Sept. 1998	Steel imports of hot-rolled products surge to record levels. U.S. industry and labor join in nationwide rallies to protest imports.
Fall, 1998
Sept. 1998	Weirton Steel joins 11 other U.S. steel producers, the ISU and USWA to file unfair trade cases against Japan, Russia and Brazil alleging dumping and subsidization of steel.Numerous steel producers announce massive layoffs, plant closings and, in some cases, corporate bankruptcies.
Sept.-Nov. 1998	Ohio Valley steel producers announce cutbacks in production and issue layoffs. Workers and community leaders organize to hold "Rally in the Valley" in Weirton to protest steel imports.
Nov.-Dec. 1998	Representatives of the industry and labor meet with the administration, President Clinton and Vice President Gore to request assistance in ending the crisis.
Winter, 1998-1999
December 1998	A total of nearly 1,000 Weirton Steel employees are laid off as a result of the import crisis.
January 1999	President Clinton delivers report on the steel industry to Congress and also provides recommendations.Industry and labor respond to report. Members of the Congressional and Senate Steel caucuses hold meetings and briefings with the administration to discuss the report. 106th Congress opens and throughout the term, members introduce steel legislation. Some of the legislation, mostly dealing with quotas, fails. However, some legislation to revamp trade laws, making them easier to understand and easier to enforce, is still pending.
Jan. 20, 1999	"The Valley’s Rally" is held in Washington, D.C. A rally at the U.S. Capitol and march to Lafayette Park is held to protest steel imports. More than 6,000 people attend.
Jan. 22, 1999	Weirton Steel reports a fourth quarter loss, the second straight loss following four consecutive profitable quarters. The company also reports a year-end loss in steel operations. The losses, which began in the third quarter of 1998, were consistent with the rest of the domestic industry and were blamed on the catastrophic effects of record steel imports.
Jan. 25, 1999	Weirton Steel President and CEO Richard Riederer, testifies before the U.S. Senate Finance Committee, making three proposals to help end the steel import crisis and prevent future related problems.
Feb. 10, 1999	Officials from Weirton Steel and the ISU call upon tri-state residents to increase pressure on U.S. Treasury Secretary Robert Rubin following his rejection of an idea to ban steel imports.
March 4, 1999	U.S. Sen. Robert C. Byrd, D-W.Va., drafts "The Emergency Steel Loan Guarantee Program Act," which would make low-interest loans available to steel companies. The plan was attached to an amendment to an emergency supplemental appropriations bill. The bill later became the "Emergency Steel, Oil and Gas Loan Guarantee Act," sponsored by Byrd and Sen. Pete Domenici, R-N.M.
Spring, 1999
April 12, 1999	The Ohio Valley Stand Up for Steel Committee kicks off its lobbying campaign of U.S. Senate Bill 395, the "Stop the Illegal Trade Act of 1999." The effort includes videos and letters sent to each senator, phone banks and letters to Weirton Steel retirees urging their support of the bill. Included on the committee are Weirton Steel, Wheeling-Pittsburgh Steel, ISU and USWA representatives.
April 22, 1999	A sudden rise in steel imports follows three months of dropping numbers. Imports in March rose 27 percent over February with 2.8 million tons entering the U.S. The March total was nearly 200,000 tons higher than the same month a year ago.
April 29, 1999	Because of imports, Weirton Steel reports a first quarter loss, its largest in six years. A profit was shown for the same period in 1998. Many other domestic steel companies report similar results.
May 26, 1999	At the company’s annual shareholders’ meeting in Weirton, company President and CEO Riederer praised employees and Upper Ohio Valley residents for their part in the national campaign to stop illegal steel imports.
Summer, 1999
June 1999	Steel imports increase 30 percent from April to May.
June 28, 1999	Vice President Gore meets in Pittsburgh with members of the Ohio Valley Stand Up for Steel Committee to discuss the group’s concerns over high steel import levels.
July 13, 1999	The Ohio Valley Stand Up for Steel Committee launches campaign in U.S. House of Representatives for passage of H.R. 1664, "The Emergency Steel, Oil and Gas Loan Guarantee Act," now commonly known as the "Byrd Bill." The effort includes phoning each House member; faxing letters of support to House members from local economic development and government leaders; assisting the West Virginia oil and gas producers lobbying the bill; and personally lobbying House members in Washington, D.C. The "Byrd Bill" passed the Senate in June.
July 22, 1999	Weirton Steel reports fourth consecutive quarterly loss, blaming illegal imports.
Aug. 4, 1999	Weirton Steel is among 13 U.S. steel companies represented at the White House as industry officials get their first official look at the Clinton administration’s plan to help the steel industry.
Aug. 4, 1999	The U.S. House of Representatives passes the "Byrd Bill," creating a $1 billion revolving loan fund for domestic steel companies injured by illegal steel imports. Bill was signed into law by President Clinton on Aug. 17.
Aug. 19, 1999	Weirton Steel recalls 111 laid-off employees, reducing its layoff total to 155. At one time, nearly 1,000 were unemployed.
Aug. 26, 1999	President and CEO Richard Riederer, then-vice chairman of the American Iron and Steel Institute, warned that the U.S. steel industry, already under siege from illegal imports, faces additional pressure from foreign governments. He cites "increased rhetoric and threats" from the 15 countries represented by the European Commission and from Japan.
August 1999	July imports of steel up 3.2 million tons, or 6 percent, over June, marking the third increase in five months. Through July, 20 million tons of imports have entered American markets. The amount is only 2 million tons behind foreign shipments during the first seven months of 1998, the record year for steel imports.
Fall, 1999
Sept. 22, 1999	President and CEO Richard Riederer speaks at public meeting hosted by the U.S. Department of Commerce to discuss implementation of the Emergency Steel, Oil and Gas Loan Guarantee Act.
Sept. 22, 1999	Weirton Steel endorses U.S. House resolution aimed at preventing various countries from sidestepping international trade agreements. The resolution calls on President Clinton to avoid reopening international negotiations on anti-dumping and anti-subsidy rules in late November when the World Trade Organization meets in Seattle.
Sept. 24, 1999	Weirton Steel announces it will reactivate No. 4 blast furnace, idled nine months ago after customer orders lost as a result of illegal steel imports. Company officials say the furnace is being reactivated because market conditions have improved because of trade cases filed with the U.S. government against other countries.
Oct. 21, 1999	Weirton Steel reports fifth consecutive quarterly loss.
Winter, 1999-2000
Jan. 31, 2000	In spite of a decrease in 1999 in steel imports, Weirton Steel officials say the year was the second highest in U.S. history for such imports, an indication the crisis is far from over. The record year for steel imports is 1998 with 41.5 million tons, followed by 1999 with 35.6 million and 1997 with 31 million.
Feb. 10, 2000	Weirton Steel reports a positive net income for the 1999 fourth quarter and for the entire year. The positive results – following five consecutive quarterly losses – reflects the company’s sale of a portion of its ownership in MetalSite, a website that sells metals on behalf of its clients. Without the transaction, Weirton Steel would have posted losses for the quarter as well as all of 1999.
March 24, 2000	Weirton Steel reports it is contacting certain members of Congress regarding the continued high level of steel imports. During the first two months of this year, imports rose 29 percent over the first two months of 1999. Through February, 6.4 million tons were imported compared to 5 million tons during the same period in 1999. The import statistics show that if the current import rate continues, 2000 will be the second highest import year in U.S. history, with 39 million tons.
Spring, 2000
April 6, 2000	In support of the U.S. pipe and tube industry, Weirton Steel Corp. participated in a lobby campaign held April 4-5 in Washington, D.C., to help promote sound and fair trade policies. Executive Vice President David Robertson was one of several officials of the steel, pipe and tube industries to meet with members of the Senate and House and trade officials. The lobby effort was sponsored by the Committee on Pipe and Tube Imports (CPTI). Weirton Steel, an associate member of CPTI, is a large supplier of steel to the domestic pipe and tube industry, which also has been hit by the surge in unfairly traded imports.
April 21, 2000	Weirton Steel today reported a first quarter net income of $712,000. The profit is a significant improvement over the same three-month period in 1999 when the company posted a $27.9 million net loss. "As the strong demand for steel products continues, we were able to meet the challenge by improving our operating performance and, by doing so, exceed our own shipment expectations," said Richard K. Riederer, chief executive officer. "When you combine those factors with an improvement in the selling price of steel and the exceptional job done by our employees in meeting this demand, we had a favorable quarter."
May 30, 2000	Weirton Steel Corp. officials began contacting members of Congress to alert them that steel imports are on the rise and if the pace continues, 2000 will be close to the all-time record for such imports. In 1998, the record year, 41.5 million tons of steel imports reached American markets. When annualizing the first four months of 2000, the year would end with 40.2 million tons, the second highest total. Steel import levels for April reached 3.6 million tons, the highest monthly level since the depths of the steel import crisis in November 1998. April’s total is 29 percent higher than the same period in 1999 and 23 percent higher than April 1998. Weirton Steel CEO Richard Riederer said the increase is almost entirely due to "import switching," where countries trying to avoid the U.S. tariffs send their steel to other countries for processing and those countries in turn ship to the U.S.
Summer, 2000
July 2 6, 2000	A U.S. Commerce Department report released this week blamed the 1998 steel import crisis on excess global steel capacity and unfair trade practices, information Weirton Steel Corp. officials say they’ll use to bolster calls for new and tougher trade laws. The 240-page report identified some of the factors that triggered the 1998 steel crisis, among them the Asian financial crisis and currency depreciation, as well as "underlying long-term structural factors in key foreign steel producing countries which exacerbated the severity of the crisis." Weirton Steel CEO Richard Riederer said, "Through this report, the government has recognized our claims that the U.S. steel industry was devastated by illegal imports in 1998, a problem that has not gone away. With the administration’s acknowledgement of the causes behind the 1998 crisis, we will use the report to our advantage. Now is the time to revisit Congress – with report in hand – and ask that our laws be strengthened to prevent the continuation of unfair trade practices."
July 23, 2000	Richard Riederer, Weirton Steel CEO, called for U.S. government officials to have “zero tolerance” for unfair trade in light of a continued rise of foreign steel shipments flooding the domestic market. Steel imports through May continued to keep this year on pace for a near record year for foreign steel shipments. Statistics released by the U.S. Commerce Department showed that imports for the first five months of this year topped 16.8 million tons. When projected over a 12-month period for this year, the total will be more than 40.4 million tons, just slightly less than record year 1998.
July 27, 2000	The Clinton administration blamed widespread unfair trade practices for the 1998 crisis of excess steel imports and promised faster action in imposing punitive tariffs. “Our strategy … gets at the core long-term issues that have plagued the steel industry for decades and caused distress to our working communities,” Commerce Secretary Norman Mineta said in issuing his department’s year-long study. The report found that the 1998 crisis, which bankrupted a half-dozen U.S. steel producers and cost almost 10,000 U.S. jobs, was due to factors that included unfair pricing, low Asian demand and high U.S. demand. The administration vowed to take steps that include better monitoring, tougher penalties and new limits on international lending that boosts overseas steelmakers.
Aug. 25, 2000	Weirton Steel officials said today that the U.S. steel industry continues to be rocked by steel imports following Thursday’s report by the American Iron and Steel Institute (AISI) that projected 2000 will end just 700,000 tons below record year 1998. AISI’s findings, based on government statistics released Thursday, revealed that 23.7 million tons of steel imports have entered the U.S. through July. When annualized, the tonnage equates to 40.8 million tons compared to the record 41.5 million tons shipped to American markets in 1998. In July, the U.S. imported 3.4 million tons of steel, a slight increase from the 3.3 million tons imported in June
Fall, 2000
September 22, 2000	Following today’s release of government import statistics, Weirton Steel Corp. officials are warning that 2000 could end as a record year for foreign steel shipments, which are to blame for recent shutdowns of various domestic steel operations and layoffs. U.S. Census Bureau data shows that 27.3 million tons of foreign steel entered American markets through August, a level 3 percent higher than the same period in record year 1998. When annualizing the 2000 year-to-date data, the American Iron and Steel Institute (AISI) projects that 41 million tons of steel will have been shipped to the U.S. compared to 41l.5 million tons in 1998. "Each month, when we learn the latest import totals, we can project the year-end total. Unfortunately, we find ourselves increasing the projection with each new release of data. I would not be surprised if a new record is set this year," said Richard Riederer, Weirton Steel CEO and chairman of AISI.
October 6, 2000	Weirton Steel Corp. officials said they are very pleased that Sen. Robert C. Byrd, D-W.Va., was successful in including in a conference report an amendment that would provide direct assistance to industries harmed by unfairly traded imports. The amendment is patterned after S. 61 – the Continued Dumping and Subsidy Offset Act – which Weirton Steel has been backing since its introduction by Sen. Mike DeWine, R-Ohio, in January 1999. Industries that would receive fair retribution under the amendment include steel, agriculture and textile. Under the Byrd amendment, duties charged on products from foreign countries found guilty of violating U.S. trade laws would go into a fund for eligible domestic producers – such as Weirton Steel – affected by the unfair trade practices. The duties currently go into the federal treasury, instead of to the injured parties.
October 17, 2000	Weirton Steel Corp. is part of a massive, broad-based coalition urging President Clinton to take immediate comprehensive action against the onslaught of Imported steel into the U.S. The coalition includes all domestic steel producers and the unions representing their employees. A total of 76 industry and union officials signed a letter to Clinton on Tuesday, including Richard Riederer, CEO of Weirton Steel. "We need you to immediately impose meaningful restraints on steel imports from offending non-WTO (World Trade Organization) countries," the letter states. "Finally, given this extraordinary circumstance, we need the administration to immediately initiate a comprehensive case under Section 201 of our trade laws. Only through this action can we stop the onslaught we are facing."
October 17, 2000	Weirton Steel Corp. officials are strongly supporting a bi-partisan House resolution that calls on President Clinton to take all action within his power to immediately tackle the current steel crisis. The resolution urges Clinton to immediately request the U.S. International Trade Commission to begin an expedited investigation into steel imports under Section 201 of the Trade Act of 1974. U.S. Rep. Alan Mollohan, D-W.Va., is one of the prime sponsors of the resolution, which will be introduced late today. The 127 co-sponsors hope to bring it to a vote before Congress adjourns for the year.
October 18, 2000	The Senate today voted 86-8 to give U.S. companies tariff money collected on imports found to have been "dumped" in the U.S. About $39 million a year could be distributed, according to the Congressional Budget Office. Author of the measure to turn anti-dumping duties into special compensation for aggrieved industries was Sen. Mike DeWine, R-Ohio. DeWine’s measure never advanced on its own. But Sen. Robert Byrd, D-W.Va., made it an addition to the agriculture spending bill, inserting it during conference committee negotiations. "Current law simply has not been strong enough to deter unfair trading practices," Byrd said. "If our foreign trading partners will play by the rules, my provision will never have to be used." President Clinton is expected to sign the bill, even through he doesn’t like the part requiring redistribution of the dumping duties. An organization of importers was gearing up to start fighting for appeal.
October 19, 2000	Weirton Steel Corp. today reported that the flood of low-priced steel imports combined with a softening in the market were key factors behind the company’s third quarter net loss of $26.2 million. During the same quarter in 1999, the company lost $13.6 million. For the first nine months of 2000 the company lost $25 million compared to a $50.7 million loss during the same period in 1999. The 2000 third quarter loss would have been $16.8 million if not for two additional expenses: a $5.5 million charge for the write-off of a non-collectable account and $6 million for the start-up and market conditions associated with GalvPro, the company’s Indiana-based galvanizing joint venture. "The weakened market is expected to continue," said company CEO Richard Reiderer. "In addition, increasing natural gas prices and planned production outages for repairs will adversely affect the fourth quarter."
October 20, 2000	The import crisis that ravaged the domestic steel industry is making a comeback that could surpass the benchmark year of 1998. Weirton Steel Corp. officials said today that steel imports this year could reach or surpass the 41.5 million tons that is considered the high-import mark that triggered a crisis situation in U.S. markets. Richard Riederer, CEO, and President John Walker outlined the state of the continuing import crisis. They said rising energy costs for natural gas and petroleum products, coupled with increased steel imports, will have a drastic effect on Weirton Steel and other domestic steel producers in the coming months.
October 26, 2000	Weirton Steel Corp. officials today said the latest steel import statistics are evidence that new and effective methods for dealing with import surges and illegal steel trade are immediately needed. U.S. Census Bureau data revealed that 30.4 million tons of foreign steel entered American markets through September. The total is 14.8 percent higher than the same nine months in 1999 and nearly the same for the 1998 nine-month period. Based on imports through September, steel industry officials project 2000 will end with 40.6 million tons, just 900,000 shy of the 1998 record.
October 26, 2000	President Clinton suggested that penalty tariffs might prove necessary if steel shipments to the U.S. are not reversed. Also, White House Chief of Staff John Podesta said Clinton is taking all reasonable steps to prevent a steel crisis from taking hold again and that he has directed the Commerce Department and U.S. Trade Representative Charlene Barshefsky to seek immediate consultations with Ukraine, Taiwan, India and China.
November 03, 2000	Weirton Steel Corp. officials are pleased that the U.S. International Trade Commission, after a Sunset Review, has voted to retain anti-dumping duties on corrosion resistant steel (galvanized and coated products) from six countries.The ruling came as part of a five-year review of duties affecting imports from 17 countries. The commission left in place existing anti-dumping duties on galvanized products from Australia, France, Canada, Germany, Japan and South Korea, and countervailing duties on products from France, Germany and South Korea. John Walker, Weirton Steel president, appeared before the ITC on Sept. 13 to ask commissioners to continue the duties.
Winter, 2000-2001
December 12, 2000	Richard Riederer today offered three proposals at a U.S. Senate Steel Caucus field hearing for stopping illegal levels of steel imports and preventing future import surges. Riederer also noted that the reason actions already taken over the last three years by the industry, the administration and Congress have not solved the problem is a worldwide overcapacity of steel. The session, held in Pittsburgh, was hosted by Sens. Jay Rockefeller, D-W.Va., Arlen Specter and Rick Santorum, both R-Pa. Also attending were U.S. Reps. William Coyne, D-Pa., and Steven LaTourette, R-Ohio. Riederer’s proposals included: that the president instruct the secretary of commerce and the U.S. trade representative to implement through the Customs Service quotas on all steel products from countries against which he has the authority to do so under bilateral trade agreements; that a Section 201 investigation be conducted on all steel products except those already covered by safeguard relief; and that a tripartite steel council be created with the U.S., European Union and Japan to form a plan within six months for the reduction of uneconomic steel capacity around the world.
December 21, 2000	Due to the continued slowdown in the spot steel market and price erosion resulting from the high level of unfairly traded imports, Weirton Steel today announced that the company expects fourth quarter operating results to fall below consensus analysts’ estimates. The company expects a loss for the fourth quarter of $1.25 to $1.35 per share. The company stated that weak market conditions combined with higher natural gas prices and planned production outages would adversely affect results in the fourth quarter. In addition, lower-than-expected shipment levels and revenues are foreseen.
December 29, 2000	The LTV Corp. of Cleveland files for Chapter 11 bankruptcy. "For the past two years the entire American steel industry has been fighting an unprecedented battle against foreign-made steel that has illegally flooded our markets," said LTV Chairman and CEO William Bricker. "Nearly 40 percent of our business has been lost and prices have fallen to the lowest levels in 20 years. Without enforcement of our trade laws by the administration, our only hope of survival was to reorganize LTV under Chapter 11…"
January 10, 2001	U.S. Robert C. Byrd, D-W.Va., meets with U.S. Department of Commerce Secretary-designate Donald Evans to discuss steel-related issues. Byrd tells Evans about the challenges that face the American steel industry and asks for his assistance in putting a stop to the constant wave of below-cost and often illegally-dumped foreign steel imports.
January 11, 2001	In a conversation with Ohio Gov. Bob Taft, Weirton Steel President John Walker today offered three proposals for ending the steel import crisis in hopes that the governor takes the recommendations to Washington. After he investigates the import problem, Taft said he will offer possible solutions to the Bush administration. Last week, Taft spoke with Vice President-elect Dick Cheney about the situation. "Our conversation was constructive," Walker said. "Weirton Steel may be a West Virginia-based company, but Gov. Taft recognizes the problem as a national issue that is adversely impacting steel companies, steelworkers and communities."
January 25, 2001	Government statistics released today reveal that 37.8 million tons of steel were imported into U.S. markets during 2000, making it the second highest year in U.S. history for steel imports. The record was set in 1998 with 41.5 million tons and the previous second highest year was 1999 with 35.6 million tons. "Since the import crisis began in 1998, no year exemplified how much unfairly priced imports damaged our industry as 2000 did. Last year, steel prices remained depressed, steel stocks hit record lows, financial losses occurred, layoffs and mill curtailments were common and most of the industry’s 10 bankruptcies since 1998 were filed," said John H. Walker, Weirton Steel president and chief executive officer. "We must remind the new Congress and administration that the bleeding must stop for us to avoid an even greater catastrophe. We’ve focused on the need for a strong steel industry and what it means to families and communities. But now, the situation is growing dangerously close to creating a problem for our national defense."
January 25, 2001	Citing continued high levels of unfairly priced steel imports, Weirton Steel today reported a net loss of $60.1 million for the fourth quarter of 2000 and an $85.1 million loss for the year. The fourth quarter loss compares to 1999’s fourth quarter loss of $25.6 million, adjusted to exclude the one-time net gain of $170 million from the sale of a portion of the company’s ownership in MetalSite and an asset write-down of $22.5 million. The loss for 2000 compares to the 1999 loss of $76.4 million, also adjusted to exclude the MetalSite transaction and asset write-down.
January 30, 2001	U.S. Sen. Jay Rockefeller, D-W.Va., has asked President Bush to take specific immediate steps to end foreign trade problems plaguing the U.S. steel industry. Nearly half of the country’s largest steelmakers are in bankruptcy, Rockefeller said in asking the administration to convene an emergency national summit on steel. He also asked Bush to initiate negotiations with the nation’s international trading partners about temporary restraints on steel imports. The U.S. Senate Finance Committee, including Rockefeller, met today with Robert Zoellick, Bush’s nominee for U.S. trade representative. Zoellick said he would be willing to restrict imports when American companies are being harmed if the action is taken in the context of helping Americans improve their operations rather than of protectionism.
January 30, 2001	U.S. Rep. Alan Mollohan, D-W.Va., met today with John Walker, Weirton Steel’s president and CEO, for a one-on-one briefing on the state of the steel industry. Mollohan said the tempo of the battle in Congress for legislation to deal with the steel import crisis would have to increase during the 107th Congress. He said the Congressional Steel Congress would recommend the Bush administration use a Section 201 action to deal with the problem.
February 27, 2001	Weirton Steel Corp.’s top official today said that 2001 began with a slight decrease in steel imported compared to the same time last year, adding that the levels are "still too close and still too high." Preliminary import statistics released Friday by the American Iron and Steel Institute revealed that 1.9 million tons of steel entered the U.S. in January. In January 2000, 2.2 million tons were imported into American markets. "This is not the way we wanted 2001 to begin," said John Walker, Weirton Steel president and CEO. "Hopefully, this is not a sign that this year also will be among the highest import totals on record." The year 2000 ended with 37.8 million tons of steel imported. The record year for imports was 1998 with 41.5 million tons. "While any surge of imports concerns us, at the moment we’re focusing on the high level of hot-rolled steel imported in January of this year," Walker said. Imports of hot-rolled steel increased by nearly 17,000 tons from December to January with monthly totals showing 250,409 tons and 266,969 tons, respectively.

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