Statement About Voluntary Restraints by Foreign Steel Producers To Limit Exports to the United States

I AM pleased to announce that the steel producers of Japan, the European Community, and the United Kingdom have expressed their intention to restrain on a voluntary basis their exports of steel mill products to the United States during the next 3 years.

This welcome development--which will lead to the preservation of jobs in our domestic steel industry--successfully concludes more than a year of discussions.

For some time, I have been deeply concerned about the serious problem that excessive imports have posed for our steelworkers and our steel industry. Consequently, I directed that efforts be made to limit the impact of steel imports.

The Deputy Under Secretary of State for Economic Affairs, Nathaniel Samuels, undertook discussions with the Japanese and European steel producers with respect to their renewal---on improved terms---of the voluntary restraints on steel exports.

After more than a year's effort, Mr. Samuels has succeeded in this important endeavor. The Secretary of State has advised me that he has received communications from the steel producers in these countries in which they pledge a 3-year restraint--with improved terms--of their voluntary limits on their steel exports to the United States.

This undertaking represents a substantial improvement over the arrangements of the last 3 years and will enable domestic steel producers to make their plans with confidence that imports will not be disruptive in the domestic market. It will help preserve the jobs of American steelworkers.

I am especially pleased that this undertaking was reached on a voluntary basis. Such statesmanlike cooperation is vital to our mutual efforts to build a more equitable and a more progressive system of international trading arrangements.