Contact: Tom Conway 1-219-886-2596

Pittsburgh - The United Steelworkers of America (USWA) expressed disappointment over the timing of the termination of Bethlehem Steelfs pension by the Pension Benefit Guaranty Corporation (PBGC), coming right before Christmas, and dashing the hopes and dreams of tens of thousands of workers, retirees and their families.

"Once again, we are disappointed, but not surprised, that the PBGC has acted to limit its own liability rather than fulfill its mandate to protect the pension benefits of workers and retirees like those at Bethlehem Steel," said Leo W. Gerard, USWA international president.

"Since Bethlehem declared Chapter 11, we have been working diligently with management to restructure the company," said Tom Conway, Basic Steel Industry Conference (BSIC) secretary and USWA chief negotiator. "The PBGCfs action denied us the opportunity of granting shutdown pensions to workers who are reduced from the workforce as a result of the restructuring necessary for the survival of the industry."

"It is another shameful example of the governmentfs failure to protect the interests of workers," Gerard said. "The Bush Administration has made this even more distasteful by waiting until after the elections to pull the plug on families who have been living with the fear of losing jobs, health care and pensions.

"When the Administration imposed tariffs on the industry last March, we were led to believe that the government would assist in restructuring the steel industry," Conway said. "The enormous legacy costs of the industry is clearly the result of years of unfair trade. Just when we begin to see light at the end of the tunnel, the PBGC extinguishes it."

"Just as the Grinch dressed up like Santa and stole Christmas, the Administration masqueraded as a friend to workers and then snatched our pensions," Gerard concluded.

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