Word: steels
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...news came as something of a surprise to Wall Street, and with good reason. The day before, the company reported 1983 losses of $1.16 billion, of which $634 million came from steel operations and the rest from a huge write-off for plant closings last year. In a meticulous facility-by-facility paring, U.S. Steel plans to shut down all or parts of 73 operations in 13 states, cutting its capacity by 17% and its payroll by 15,436, to 66,000. The National deal will just about restore the 5 million tons of capacity scheduled to be dropped...
National lacks sufficient smelting capacity and steelmaking coke, while U.S. Steel has both in abundance. National is strong in production of flat-rolled steel, which goes into automobiles and appliances, but U.S. Steel's biggest markets are in capital goods like oil-drilling equipment...
William Hogan, a steel economist at Fordham University, called the combination a "good fit." Concurred Analyst Dick McClow of Duff & Phelps, a Chicago brokerage: "U.S. Steel kept saying it was committed to the steel business. I guess this shows the company meant...
Lynn Williams, acting president of the United Steelworkers, chided U.S. Steel for using money to buy up-to-date facilities instead of improving its own. The union is worried that the merger will further erode its membership, now down to 250,000 from a postwar peak...
...deal continues a trend that accelerated last year when Republic Steel and Jones & Laughlin, a subsidiary of LTV, agreed to combine. While both mergers must still be cleared by the Justice Department, their approval is expected...