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For Immediate Release WEIRTON, W.VA. – Weirton Steel Corp. and the Independent Steelworkers Union (ISU) today reported they jointly submitted a company restructuring update requested by the Bush administration. The company and the union sent their update earlier this week to Washington, D.C. Last June, Commerce Secretary Donald L. Evans and U.S. Trade Representative Robert B. Zoellick jointly requested that steel and union officials submit their updates by today. On March 5, when President Bush imposed three-year tariffs on certain steel imports, he indicated the U.S. steel industry should use the three years to restructure itself to ensure long-term competitiveness. Weirton Steel and the ISU outlined in the update the company's five-step restructuring plan that began a full year before the imposition of tariffs. The steps included: reducing operating costs; improving liquidity through vendor investments; refinancing and increasing a bank credit agreement; restructuring public debt; and growing its tin business, the company's core product line. "We informed the administration that the five steps were completed several months ago with a few lingering issues yet to be resolved. We also briefed the administration on several confidential projects and future plans," said John H. Walker, Weirton Steel president and chief executive officer. ISU President Mark Glyptis said the update also reminded the administration to stand firm with its tariffs. "We expressed the need for the tariffs to remain intact for our restructuring plan to be fully effective. Any further exemptions will harm our efforts and those of our industry. A year from now, the U.S. International Trade Commission will review the tariff program and decide whether or not it will continue for the remaining 18 months. We're taking every opportunity to remind Washington that we need the tariffs to meet our mutual goal – a stronger, more competitive U.S. steel industry," Glyptis commented. Weirton Steel is the seventh largest U.S. integrated steel company and the second largest domestic producer of tin mill products.
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