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More U.S. Steel layoffs...
...index by an annual average of at least 2%, but last year the company fell behind somewhat. Reason: the managers failed to switch money fast enough from high-technology shares, which were big gainers early in the bull market, to stocks in basic industries like steel that came on strong later in the rally...
...Christmas season is turning into the firing season in the American steel industry. Bethlehem Steel used the period between Christmas and New Year's in 1982 to announce the closing of its 83-year-old steelmaking plant in Lackawanna, N.Y., near Buffalo, and the elimination of 7,300 jobs. Last week U.S. Steel, the largest American steelmaker, carried on the grim yuletide tradition. The company announced that it will close all or parts of 73 operations in 13 states, thereby cutting its steelmaking capacity 17% and reducing companywide employment...
...Steel Chairman David M. Roderick called the company's action a "facility rationalization." In fact, its action was a meticulous paring of U.S. Steel's capacity to make, forge and finish steel. Mills, foundries and blast furnaces in such famed Big Steel locations as Gary, Ind., Fairless and Homestead, Pa., and the South Works in Chicago will be shut down. Plans for a rail mill in Chicago were dropped, despite union work-rule concessions and tax breaks from the Illinois state government. Mining and chemical operations will be pruned, along with fabricating facilities in some eastern states...
...Steel also dropped plans to start a steelmaking and fabricating venture with British Steel. The United Steelworkers of America had vigorously opposed the idea, charging that it was robbing laid-off union members of jobs. Roderick explained simply that "terms that were mutually beneficial to both companies could not be concluded...