Thank you, Paul, for that kind introduction. It is a pleasure to be here for your 106th annual meeting, and always a pleasure to be in New York. The institute's role as an important player in the issues and policies that have built this nation for more than a century, is a tribute not only to the institutes' strength but to the strength of the steel industry. Perhaps as important as your industry's role in shaping our transportation and infrastructure, trade and other policies is your continuing role in making life better for all Americans.
Few people stop to think about how important steel is to our economy and to their everyday lives.
As you know, the Clinton Administration is committed to improving the environment for current and future generations. I want to commend you for your work in making our environment cleaner. Since the early 1970s, your industry has reduced the air and water pollution you emit by well over 90 percent. I also know that steel is the most recycled material in the world at a rate of over 65 percent for the past 7 years. These are impressive accomplishments and are important contributors to meeting our responsibility to future generations.