-- U.S. Trade Representative Robert Zoellick indicated Wednesday the administration may give swift protection to embattled domestic steel producers by invoking a trade law that allows the U.S. president to take unilateral action against imports.
Zoellick said he is consulting with Treasury Secretary Paul O'Neill and Commerce Secretary Don Evans for advice on how Section 201 of the 1974 U.S. trade act could help mitigate the plight of the U.S. steel industry, which has been languishing since 1998.
The administration is "looking very seriously" at invoking Section 201 as U.S. steelmakers have yet to fully recover from the long slump despite business restructuring, he said.
The Section 201 approach could be "more productive" than other measures in helping U.S. steelmakers, Zoellick said in testimony to the House of Representatives Ways and Means Committee.