Because of the 1997 Asian financial crisis, October 27, 1997 mini-crash, and 1998 Russian financial crisis, the United States steel producers were severely harmed by a record surge of more than 40 million tons of cheap steel imports, resulting in the loss of more than 10,000 steel production jobs in 1998, and was the imminent cause of three bankruptcies by medium-sized steel companies (Acme Steel, Laclede Steel, and Geneva Steel), reduced volume, lower prices, and affecting the willingness of private banks and investment institutions to make loans to the U.S. steel producers. As a result, Congress passed the Emergency Steel Loan Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 1999, also known as the Emergency Steel Loan Guarantee Act of 1999.