Word: steels
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...fans who recognize that pro sports are as much about greed as glory and cheered on by local boosters who feel that no city can call itself big league without a pro-football team. More than mere football, the struggle was redolent of the battles among 19th century steel and rail barons, who paid lip service to the virtues of free markets and then fought like mad to corner them...
...arms to South Africa. If evasions of the ban continued, U.S. military assistance to the offending nations could be stopped in twelve months. If there was no progress on dismantling apartheid in a year, the U.S. could extend its trade embargo to such South African exports as diamonds, steel, food and textiles...
More than 1,000 steelworkers bowed their heads to pray in the McBride Union Hall in Gary last Thursday night before heading to picket the huge Gary Works steel plant. For the first time in 27 years, U.S. Steel, now a division of the newly renamed USX corporation, was shut down. In all, 23,000 members of the United Steelworkers union walked off their jobs at 16 plants in nine states, from Pennsylvania to Utah. The workers insist that the company has locked them out, while management calls the action a strike. By any name, predicts Union Spokesman Gary Hubbard...
Like other steelmakers, USX is struggling to return to profitability in an industry that suffers from overcapacity and tough foreign competition. Since 1982 the eight largest U.S. steel companies have lost a total of $8 billion. Several are now in precarious financial shape. Three weeks ago LTV, the second-ranking manufacturer, sought protection from its creditors with a Chapter 11 bankruptcy petition...
...contracts settled since April, the United Steelworkers has given wage- ) and-benefits concessions to LTV, Inland Steel, National Steel and Bethlehem, the third-largest manufacturer. National Steel's workers accepted a $1.50-an- hour cut, reducing hourly labor costs to $22.72, and LTV cut its costs by $3.60 an hour, to $22.60. USX negotiators have insisted that the firm needs a savings of at least $2 an hour, to about $23, to stay competitive. USX underscored that demand last week when it reported that second-quarter earnings had plummeted by 92%, to $14 million. A major factor was the firm...