0000101778-01-500111.txt : 20011009
0000101778-01-500111.hdr.sgml : 20011009
ACCESSION NUMBER: 0000101778-01-500111
CONFORMED SUBMISSION TYPE: 425
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20011003
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: USX CORP
CENTRAL INDEX KEY: 0000101778
STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911]
IRS NUMBER: 250996816
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 425
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-05153
FILM NUMBER: 1751076
BUSINESS ADDRESS:
STREET 1: 600 GRANT ST
STREET 2: ROOM 1312
CITY: PITTSBURGH
STATE: PA
ZIP: 15219-4776
BUSINESS PHONE: 4124331121
MAIL ADDRESS:
STREET 1: 600 GRANT STREET
STREET 2: ROOM 1312
CITY: PITTSBURGH
STATE: PA
ZIP: 15219-4776
FORMER COMPANY:
FORMER CONFORMED NAME: UNITED STATES STEEL CORP/DE
DATE OF NAME CHANGE: 19860714
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: USX CORP
CENTRAL INDEX KEY: 0000101778
STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911]
IRS NUMBER: 250996816
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 425
BUSINESS ADDRESS:
STREET 1: 600 GRANT ST
STREET 2: ROOM 1312
CITY: PITTSBURGH
STATE: PA
ZIP: 15219-4776
BUSINESS PHONE: 4124331121
MAIL ADDRESS:
STREET 1: 600 GRANT STREET
STREET 2: ROOM 1312
CITY: PITTSBURGH
STATE: PA
ZIP: 15219-4776
FORMER COMPANY:
FORMER CONFORMED NAME: UNITED STATES STEEL CORP/DE
DATE OF NAME CHANGE: 19860714
425
1
r4251001.txt
Filed by USX Corporation
Pursuant to Rule 425 under the Securities Act of 1933
And deemed filed pursuant to Rule 14a-12
Of the Securities Exchange Act of 1934
Subject Company: USX Corporation
Commission File No. 1-5153
FOR IMMEDIATE RELEASE
TRADE CASES FILED AGAINST DUMPED AND SUBSIDIZED
IMPORTS OF COLD-ROLLED PRODUCTS
PITTSBURGH, Sept. 28 - United States Steel LLC (NYSE: X) along with
Bethlehem Steel Corporation, LTV Steel Company and National Steel Corporation
today announced the filing of trade law actions against the major importers of
cold-rolled steel products into the United States. Antidumping suits were filed
against Argentina, Australia, Belgium, Brazil, China, France, Germany, India,
Japan, South Korea, the Netherlands, New Zealand, Russia, South Africa, Spain,
Sweden, Taiwan, Thailand, Turkey, and Venezuela. Countervailing duty suits were
filed against Argentina, Brazil, France, and South Korea. The petitioners
accounted for 69 percent of shipments of cold-rolled products by domestic
producers in 2000.
American steel companies and their thousands of dedicated workers are being
devastated by dumped and heavily subsidized steel imports. The massive global
overcapacity of steel, which is being dumped into the U.S. market, is a direct
result of ill-guided policies of foreign governments which subsidize their
excess and inefficient steel capacity and protect their home markets.
These unfairly traded imports have had a disastrous effect on prices,
resulting in enormous financial losses, significant production cutbacks and the
elimination of thousands of American steelworkers' jobs. American steel
companies have a responsibility to their workers, their shareholders and their
communities to use all tools available under the law to fight back against these
unfair trade practices.
Thomas Usher, president and CEO of U. S. Steel, stated that "[t]hese cases
are consistent with the President's 'three-part strategy' for restoring a level
playing field for American steel companies and workers. The President has
clearly stated that the United States will take all necessary steps to combat
unfairly traded imports and its causes."
The American steel industry is among the most innovative, environmentally
responsible and efficient in the world, but it cannot compete with heavily
subsidized and unfairly priced imports.
"We as an industry have invested heavily with our own funds to create a
modern and highly competitive domestic industry, but American companies and
workers should not be expected to compete against foreign steel companies whose
apparent business model is to rely on subsidies from their governments and
protected home markets" said Robert S. Miller, Chairman and CEO of Bethlehem
Steel.
William Bricker, Chairman and CEO of LTV Steel, also stated that "[w]e have
made the difficult investments and sacrifices since the 1980's to become among
the best in making steel. Foreign companies have not. They rely on subsidies and
on dumping their products into this market."
The cases filed today demonstrate antidumping margins of as high as 150
percent and subsidy margins over 40 percent. Imports of cold-rolled products
from the countries cited in these cases have increased by 38 percent since 2000.
Imports from these countries now represent over 80 percent of all imports of
cold-rolled steel products.
-oOo-
2001-9-28