Congressional Hearing on Steel Tariffs April 26; Auto Supplier CEOs Expected to Testify

WHAT: Congressional Hearing on Steel Tariffs; Auto Supplier CEOs Expected to Testify

The House Ways & Means Trade Subcommittee is scheduled to hold a hearing on the impact of the Bush Administration's steel tariffs. Automotive supplier CEOs are expected to be among those testifying before the subcommittee. Scheduled to testify are:

  *  Tim Leuliette, chairman, president and CEO, Metaldyne
  *  Wes Smith, president and owner, E&E Manufacturing Company, Inc.

  WHEN:  Wednesday, March 26, 2003; 10 a.m.

  WHERE:  1100 Longworth House Office Building (the event is open to press)

BACKGROUND: The Section 201 tariffs on imported steel have adversely affected automotive suppliers across the country. According to MEMA, since its introduction one year ago, the steel safeguard program imposed tariffs of up to 30 percent on imported steel and sparked an immediate increase in the price of U.S. steel. These raw material cost increases, as related to domestically produced steel, have ranged from 20 percent to 50 percent. American automotive suppliers, who traditionally purchase an estimated 95 percent of their steel from domestic sources, are facing a number of drastic measures such as layoffs, plant slowdowns/shutdowns and profit warnings as a result of this program, MEMA said. Suppliers have lost business to foreign competitors who can purchase steel at global prices and do not face the pressure of the tariffs.

PRNewswire -- March 25