American Steel Producers Urge Swift Remedy to Financial Crisis
10/03/2008 - In a letter to Members of the United States Congress, AISI President and CEO Thomas J. Gibson urges Members to expedite passage of legislation to address America’s present financial crisis.
In a letter to Members of the United States Congress, American Iron and Steel Institute (AISI) President and CEO Thomas J. Gibson urged Members to expedite the passage of legislation that addresses America’s present financial crisis.
In his letter, detailed below, Gibson appealed to Congress to take the steps necessary to restore confidence in the credit system.
In his letter, detailed below, Gibson appealed to Congress to take the steps necessary to restore confidence in the credit system.
On behalf of the domestic steel industry, I write to you today and urge you to pass legislation necessary to address America’s financial crisis. Our economic system relies on credit and consumer confidence. In the last week, we have seen firsthand what happens when confidence is lost in a system dependent on credit. Congressional intervention has become critical to the effort of restoring confidence in our system.
Like other American manufacturers, U.S. steelmakers are concerned about the financial crisis and to what degree it will limit economic growth and access to credit, an obvious concern for a capital-intensive sector such as the steel industry, and for our many diverse manufacturing customers and suppliers. Congress should take appropriate steps to help restore confidence in the credit system. This cannot be a political issue; the consequences will be too severe. Congress should not leave until this job is done.
Timely action is needed to preserve jobs and ensure that the United States continues to be a country where we “make things.”
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the material of choice. AISI plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 27 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.
