Passage of Senate Currency Manipulation Legislation a Victory for American Manufacturing

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Oct 12, 2011, 05:10 ET

CHARLOTTE, N.C., Oct. 12, 2011 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) commends the United States Senate for passing the bipartisan Currency Exchange Rate Oversight Reform Act of 2011 (S.1619), which provides sanctions on China or any other nation that manipulates its currency. The following is a statement from Nucor Chairman and Chief Executive Officer Dan DiMicco regarding the Senate vote:

"This legislation is exactly the kind of strong action our government needs to take in order to challenge China's abusive trade tactics. The members of the Senate from both parties who voted for this bill have sent a strong signal to unemployed Americans that they are working to improve conditions for job creation. We have lost millions of manufacturing jobs because we have failed to hold China accountable for its protectionist trade practices. Now the House needs to pass this bill, as it did overwhelmingly last year, in order to restore fair competition in our global trading system.

"Our economy continues to be fragile and the threat of another recession is very real. It will take leadership, as the Senate displayed in bipartisan fashion, to improve the American economy. I hope our leaders will use this momentum to enact a comprehensive plan to make our economy stronger, create jobs and lay the foundation for continued American prosperity.

"Enforcing our trade laws is just one part of this comprehensive jobs plan. Our leaders need to continue to work in a bipartisan way to make significant investments to upgrade America's infrastructure, reform the tax code and lower the regulatory barriers that prevent development of valuable American energy resources that would lead to energy independence."

Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and non ferrous scrap. Nucor is North America's largest recycler.

SOURCE Nucor Corporation