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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56390)	11/28/2001 1:12:30 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

A little off topic, but on economy. Stan 11/28 00:52 U.S. Plans 20% Cut in Steel Output, Envoys Tell Korea (Update3) By Youngsam Cho quote.bloomberg.com Seoul, Nov. 28 (Bloomberg) -- The U.S. is planning to cut steel output by a fifth to reduce a worldwide glut, a Korean official said, after prices that fell to 20-year lows forced at least 25 U.S. steelmakers into bankruptcy protection since 1998. U.S. trade envoys touring countries from Argentina to Ukraine to lobby for reduced steel output told Korea's Deputy Minister for Trade Choi Hyuck that U.S. steelmakers would cut production by 20 percent, or 22 million tons, said Choi Jong Hyun, head of the trade information team at the ministry. No timeframe was specified. Steelmakers such as USX-U.S. Steel Group Inc. and National Steel Corp. asked President George W. Bush for import tariffs of as much as 50 percent for four years to shield them from cheaper overseas supplies. The envoys visiting Seoul today may struggle to win production cuts in Korea where steelmakers such as Pohang Iron & Steel Co. are among the most efficient. ``The U.S. should set a good example before Korea considers cutting its own steel production,'' said Choi Jong Hyun, citing comments by the deputy trade minister. Edwin Sagurton, first secretary for economic affairs at the U.S. embassy in Seoul who was present at the talks, declined to comment. U.S. Commerce Assistant Secretary Faryar Shirzad and Assistant Trade Representative Florizelle