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WHERE,,S, it is incumbent upon local, state and federal governmental bodies to seek ways <br />in which to save LTV Steel and to prevent further financial difficulties and preserve the viability <br />of US. steel manufacturers; and <br /> <br /> WHEREAS, this resolution constitutes an emergency measure for the immediate <br />preservation of public peace, proper~y, health or safety, now, therefore' <br /> <br />BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO <br /> <br /> Section 1 That the Mayor of the City, and the Counall of the City of Lakewood, <br />request the President of the United States and the United States Congress to take emergency <br />actions and enact measures to respond to the crisis facing LTV Steel locally and the domestic <br />steel industry nationally. These actions are intended to provide for a period in which the <br />domestic industry can recover from the effects of an unprecedented flood of apparently illegally <br />traded foreign steel, develop and implement restructuring plans to adjust to global competition <br />and create a level playing field for future competition based on product quality, service and cost. <br />These actions should include the following components' <br /> <br />(2/ <br /> <br />(3) <br /> <br />Using all appropriate remedies to immediately limit the saturation <br />of the U.S. domestic steel market by apparently illegally traded <br />foreign-made steel to levels existing between Jane 1994 and June <br />1997 ("pre-crisis levels"/ <br /> <br />After years of apparently illegally traded foreign steel, the U.S. <br />steel industry has suffered rapid contraction and today can supply <br />only about 80% of the steel needed to supply domestic demand. <br />Consequenuy, many domestic steel producers must shoulder <br />disproportionately high costs related to retiree health care benefit <br />costs, creating financial burdens that threaten the viability and <br />continued existence of the companies. The "Legacy" problem is <br />linked to the government's apparent tolerance of ~illegal trade in <br />steel European and other nations have participated in solving the <br />legacy cost problems related m restructuring their steel industries. <br />Action is now required to find a solution that deals with legacy <br />costs in an equitable fashion in the United States. <br /> <br />As a result of the financial damage done to the U S steel industry <br />by apparently illegally traded imports, few lenders are willing to <br />loan money to steelmakers - even with federal loan guarantees. <br />The Steel Loan Guarantee Program must be modified to assist <br />steehnakers in gmulng access m resources for reinvestmant and <br />restructuring. The modifications could include extending of <br />deadlines, increamng available funding, increasing guarantee <br />limits, and reforming terms to be more responsive to emergency <br />cimumstances. <br /> <br />(4) <br /> <br />Following the implementation of these emergency actions and <br />related restructuring of the industry, the U.S. government shall <br />vigorously enforce all existing laws governing international trading <br />of steel To accomplish these measures the U.S. Department of <br />Commerce should be required to ensure sufficient resources are <br />dedicated to effectively track and enfome compliance with U.S. <br />trade laws and agreements and to coordinate inter-departmental <br />activities aimed at enforcemant of such laws and agreements. <br /> <br />2 <br /> <br /> <br />