Word: outputted
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However, no matter how great our emotional attachment to steel, it is clear that we do not depend on the industry nearly as much as those countries that are accused of unfairly exporting it. In Russia, for instance, steel represents about seven percent of total economic output--and given the shape of the Russian economy, every percentage point counts. On Feb. 22, the Commerce Department badgered Russia into "voluntarily" cutting its steel imports by 70 percent, leading even Commerce Secretary William M. Daley to recognize that "There is a legitimate concern about taking Russia to its knees." Blocking imports from...
...Persian Gulf, Naimi finally announced a breakthrough: Iran, Algeria, Venezuela, Mexico and the Saudis agreed to press OPEC (the Organization of Petroleum Exporting Countries) and non-OPEC countries for a 2 million- bbl.-a-day reduction in the flow of crude, a figure equivalent to nearly 3% of world output...
...same thing happen again? The first test will come when OPEC decides the allocation of production cuts among 10 of its members. Saudi Arabia alone seems prepared to accept reductions of 500,000 bbl. a day in output. But that still leaves 1.5 million bbl. in reduced production and revenues to divvy up among the other members. Many of them, including Iran, Indonesia, Nigeria and Venezuela, are in much greater need of cash than even the Saudis. "I don't like to project what is going to happen," Saudi oil czar Naimi told TIME last week. "But I believe...
...Japan's economy lumbers forward, its lending to Asia should help recovery there, as will its imports of Asian goods. The heft of Japan's economy means every small uptick will help the U.S. export more. "The difference in lost output between -3% growth and 2.5% growth in Japan over 24 months is equal to the GDP of China," says Courtis...
Robinson also called on industrializedcountries to head the world environmental crisisand end their "heedless output of waste andprofligate use of resources...