President Clinton signed a law authorizing a $1.5 billion loan program for steel, oil and natural gas companies that have been hard-hit by depressed prices.
President Clinton has signed a law authorizing a $1.5 billion loan program for steel, oil and natural gas companies that have been hard-hit by depressed prices. The program is designed to help tide over U.S. firms in these industries until pricing recovers.
U.S. steel companies point to low-priced imported products as the cause of their recent struggle. Thousands of steel workers have lost their jobs, and several steel companies have filed for bankruptcy. The problems faced by the oil and gas industries are shared by their international counterparts.