COLUMBUS (December 7, 2001) — Governor Bob Taft today issued the following statement regarding the U.S. Bankruptcy Court’s ruling concerning LTV Corporation. “The Court and all parties involved have made the best of a very difficult situation. The decision leaves open the possibility of a rescue plan emerging. If no viable rescue plan emerges, the State of Ohio is prepared to provide all possible assistance to the LTV workforce.” “The State of Ohio stands by its commitments to the LTV restructuring effort. I have committed $14 million toward the loan guarantee currently pending before the Emergency Steel Loan Guarantee Board. We are also prepared to work in conjunction with the City of Cleveland and Cuyahoga County to offer an emergency loan consistent with the provisions contained in the recently passed House Bill 405.” The Governor, in an effort to level the international playing field for the entire steel industry, successfully called on the federal government to initiate an investigation into the harm being inflicted on the domestic steel industry by foreign steel makers. The Governor testified before the International Trade Commission (ITC) on
September 17 to document the harm being done to the steel industry in Ohio. The Commission, which looked favorably on the Governor’s testimony, has found that harm is being done. Earlier today, ITC made recommendations to President Bush to impose tariffs and quotas on foreign steel to provide some relief to the domestic industry. The Taft Administration, through the Ohio steel initiative, has also committed state funds to assist steel companies with capital investments, the acquisition of pollution control equipment and key manufacturing equipment, and training for industry workers.