OFFICE OF THE UNITED STATES
Executive Office of the President
FOR IMMEDIATE RELEASE
Friday, July 14, 1995
Contact: Anne Luzzatto
USTR Kantor Announces Agreement on Korean Steel
USTR Mickey Kantor announced today that the Government of Korea has agreed to the establishment of a consultative mechanism to discuss key economic trends and data concerning steel sheet and pipe and tube products. The Korean government will also notify the United States in advance of any government measure introduced to control steel production, pricing or exports, and make certain the Korean steel industry fully understands that the government no longer interferes in pricing or production.
"We think that increased transparency in the Korean steel industry will be helpful to us in examining some of the concems raised by U.S. pipe and tube producers," said Ambassador Kantor. The forum will meet periodically over the next twelve months, and may be renewed by mutual decision by both governments.
On June 1, the Committee on Pipe and Tube Imports filed a Section 301 petition against Korea, alleging that the Korean government restricts exports of steel sheet and pipe and tube, and controls prices of steel sheet. The petitioners have decided to withdraw their petition in light of the Korean govemment's agreement.