Word: steels
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Last week's surgery was by far the most drastic by a single steel company in an industry battered mercilessly during the past decade by rapidly changing economic forces. Steel has been the hardest hit of America's once proud smokestack industries, and mill business has picked up only slightly with the economic recovery...
...American steel has been pounded by cheaper imports from Japan, South Korea and Brazil, crippled by high wages and inefficient plants, and stunted by management that sometimes seems to have just given up on the industry. Employment has plunged from a postwar high of 620,000 in 1953 to about 250,000 last year; half of that loss has come since 1970. Use of American steelmaking capacity has shrunk from...
...Steel's action should save the company about $200 million a year and help the firm reach its goal of drastically cutting steelmaking costs, which are the industry's highest. The closings will reduce steelmaking capacity from 31.3 million tons to 26 million tons annually and allow the company to make a profit on steel while running at only 50% of capacity...
...firm is constructing a winery and research center, a hotel, a restaurant, several boutiques, a church and homes for the workers. Projected total cost: $100 million. The result should be the most modern winemaking facility in Europe. No peasants crushing grapes with their feet here; everything will be stainless-steel modern. In addition, Villa Banfi has refurbished a 124-year-old winery and has begun cultivating grapes near the town of Novi Ligure in the Gavi district of Piedmont...
...Changes, Steel...