U.S., Steel Firms Approve Recovery Plan

President Clinton and chief executives from 10 of the nation’s top steel companies agreed on a broad outline of measures aimed at helping the industry recover from last year’s surge in steel imports. In the plan, the Clinton administration said it would ask Congress to study worldwide subsidies of steel; would commit to opposing loans from international financial agencies, including the World Bank, that would, in effect, increase global steel subsidies; and would call for an international conference on excess capacity. The administration also pledged to keep pressure on Japan and South Korea to “trade fairly and return exports to pre-crisis levels,” the plan said. The administration added that it will make sure Russia honors commitments to curb steel exports to the U.S. Many foreign steel producers deny “dumping”--selling below the cost of production--in the U.S., instead blaming fluctuations in their shipments on changes in U.S. demand.