Washington, Dec 6, 2001 - This agreement marks a new, more urgent phase in our community's efforts to save LTV Steel. The steelworkers have gained an additional month of time, beyond the 60-day commitment in the Asset Protection Plan, for a "hot-idle" of the mills.

This victory comes about only because of the tremendous outpouring of support from the greater Cleveland community for the steelworkers and their families. Keep in mind that last week LTV wanted to initiate a cold shut down of the mill. We were successful in stopping that action, setting the stage for the extended hot idle period, which is the subject of this new agreement.

This will enable the preservation of the blast furnaces during a period where we look forward to developments from the White House and its decision on a 201 remedy with respect to import tariffs and quotas for illegal dumping of steel by other nations. During this period a great effort will be made to gain congressional support for a broad range of initiatives to assist the steel industry.

The agreement enables the union to designate a financial specialist who will focus on the intricacies of facilitating the application for a steel loan guarantee. Additionally, the union won concessions on temporarily continuing supplementary unemployment benefits and insurance through the conclusion of court action on LTV's motion to abrogate its labor contract.

It is awful that a single steelworker family has been hurt by the inability of LTV management to continue production, despite the fact that the United Steelworkers of America and the creditors had an agreement in front of management to keep LTV cash-positive through the end of the year 2002.

Now that steel production is to cease, it is up to us to redouble our efforts to find a buyer willing to resume production, to keep the steel mill intact, to preserve the jobs of 3,200 workers, and to protect retiree benefits.

Our northern Ohio congressional delegation is committed to pursuing a strategy to create a climate which makes the survival of LTV possible through 1) changing legislative language which facilitates LTV's application for a steel loan guarantee; 2) including steel-related benefits in the economic stimulus package when it reaches conference; 3) gaining additional support in congress to bring HR 808 to a vote in the House of Representatives, and 4) pursuing legislative opportunities to provide the steel industry help through legacy costs and assistance.

I want to thank Leo Gerard, all officials and members of the United Steelworkers International and the locals for their courage and tireless efforts. Thanks go to the creditors for working with us to continue to try to save LTV Steel. In addition, I also want to thank my colleagues, Congressman Steve LaTourette, Stephanie Tubbs-Jones and Sherrod Brown for their assistance in our on-going efforts as a delegation; and in Cleveland and the state; Mayor White, Mayor-Elect Campbell, Council President Polensek, members of City Council, Commissioners DiMora and McCormack, State Representatives DiPiero, Miller, Grendell, and Trakas and all other members of the General Assembly who worked with us in the past year, as well as members of Governor Taft’s administration. I particularly want to thank my staff attorney, Martin Gelfand and our pro bono counsel, Tim Grendell for their assistance and their work in cooperation with attorneys for all other parties.

That having been said, the most difficult part of our climb is just ahead of us, but I am confident that the strength which our community has demonstrated, and the support and the love which has been given to the steelworkers and their families by our entire community, will prepare us for the steps we take to ensure the continuation of an integrated steel making facility in Cleveland.