Word: steels
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...Lugar began work on the plan he will present to the Senate committee this week, he was considering adding sanctions on new investments by U.S. companies in South Africa and a ban on imports from South Africa's state-owned steel and coal industries. If he seems calm about the policy storm looming, it may be because he is confident that his plan will receive serious attention. Says Lugar in a deceptively mild tone: "I'm not the kind of person who is easily rebuffed...
...Pacific Rim countries are also selling off state enterprises. Singapore sold a minority interest in its national carrier, Singapore Airlines, last November, and Taiwan is considering offering stock in state steel, chemical, shipbuilding and construction operations. "The time has come for privatization," says Y.Y. Wang, vice chairman of Taiwan's Commission on National Corporations. In Japan, the government is selling majority control of Nippon Telegraph & Telephone in order to open the telecommunications market to newcomers. Japanese National Railways is next in line...
Banks and Big Steel. It takes a lot of turmoil to shake these once sturdy pillars of U.S. business. But in the past few years, plenty of trouble has come along to torment some of the most rock-solid names in each of those industries. Economic upheavals ranging from the oil-price slump to the glut of imported steel have forced giant banking and steel corporations to make dramatic adjustments to survive. Unfortunately, not all of them are going to make it. That became painfully clear last week, when the strains of economic change finally caught up with several companies...
...conglomerate in the 1960s, has been in an agonizing decline since 1981, the last year it made a profit. Now desperately short of cash after losing more than $1.5 billion, the company chose bankruptcy because it saw no prospect for a fast turnaround in the U.S. steel industry's epic slump. The company will operate in Chapter 11 for an estimated 1 1/2 to four years, shielded from creditors to whom it owes more than $4 billion, while it tries to overhaul its steel operations. Declared Chairman Raymond Hay: "We are fully confident that we will emerge from Chapter...
...grown every year recently despite a surge in bank failures. Profits in the overall banking industry are growing at an estimated 10% or better annually, and last week four of the major New York City institutions reported robust quarterly earnings. Along with the painful contraction taking place in the steel industry, the regional banking woes are the natural result of the ebb and flow of economic tides. While some players may founder, the system shows no signs of sinking...