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 Investor Relations   Byrd Amendment Sending Duties To Injured Industries Included In Report; Headed For House Vote For
Immediate Release WEIRTON, W.VA. – Weirton Steel Corp. officials said they are very pleased that Sen. Robert 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. "Once again, Senator Byrd has come to the aid of industries hard hit by unfair and illegal imports," said Richard Riederer, Weirton Steel chief executive officer. "He understands the crisis the domestic steel industry continues to experience and is working to mitigate the impact of financial losses caused by illegal trade." 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. Over the past two years, Weirton Steel has won several antidumping cases filed with the federal government. Byrd’s amendment provides that the funds would be distributed on an annual basis to the affected industries for specific purposes such as improving manufacturing facilities, equipment, research and development, personnel training, health care and pension benefits as well as environment equipment, training and technologies. On Oct. 3, Byrd said that the money in question would amount to $39 million over the next 10 years, according to the Congressional Budget Office. The Byrd amendment was included in an agricultural appropriations conference report, which now must go to the House of Representatives for a floor vote. Weirton Steel Corp. Media Contact:
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