113 STAT. 252 PUBLIC LAW 106-51—AUG. 17, 1999 Public Law 106-51 106th Congress An Act Aug. 17, 1999 Providing emergency authority for guarantees of loans to qualified steel and iron [H.R. 1664] ^^^ companies and to qualified oil and gas companies, and for other purposes. Be it enacted by the Senate and House of Representatives of Emergency Steel the United States of America in Congress assembled, That the Loan Guarantee following sums are appropriated, out of any money in the Treasury OU anTMGas°^^ ^^^ otherwise appropriated, for the fiscal year ending September Guaranteed Loan 30, 1999, and for other purposes, namely: Act of 1999. Emergency Steel CHAPTER 1 Loan Guarantee Act of 1999. SEC. 101. EMERGENCY STEEL LOAN GUARANTEE PROGRAM, (a) 15 USC 1841 SHORT TITLE. —Th is chapter may be cited as the "Emergency Steel <'*®- Loan Guarantee Act of 1999". (b) CONGRESSIONAL FINDINGS. —Congress finds that— (1) the United States steel industry has been severely harmed by a record surge of more than 40,000,000 tons of steel imports into the United States in 1998, caused by the world financial crisis; (2) this surge in imports resulted in the loss of more than 10,000 steel worker jobs in 1998, and was the imminent cause of three bankruptcies by medium-sized steel companies. Acme Steel, Laclede Steel, and Geneva Steel; (3) the crisis also forced almost all United States steel companies into— (A) reduced volume, lower prices, and financial losses; and (B) an inability to obtain credit for continued operations and reinvestment in facilities; (4) the crisis also has affected the willingness of private banks and investment institutions to make loans to the United States steel industry for continued operation and reinvestment in facilities; (5) these steel bankruptcies, job losses, and financial losses are also having serious negative effects on the tax base of cities, counties, and States, and on the essential health, education, and municipal services that these government entities provide to their citizens; and (6) a strong steel industry is necessary to the adequate defense preparedness of the United States in order to have sufficient steel available to build the ships, tanks, planes, and armaments necessary for the national defense. (c) DEFINITIONS.— For purposes of this section: (1) BOARD. — The term "Board" means the Loan Guarantee Board established under subsection (e).
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