Word: steels
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...only a few years ago was one of the most dynamic developing nations. After the Brazilian army seized power in 1964, the generals signed up European-and U.S.-trained technocrats. Borrowing billions from abroad, the government made huge investments in roads, dams, rural electrification and heavy industries such as steel and petrochemicals. For a while, the strategy worked spectacularly. Between 1968 and 1980, economic growth averaged 9% annually...
...ended up dragging Reagan into view. Even a tiny item about Ronald Bricker, the unemployed steelworker for whom Reagan got a job at Radio Shack back in April, turned out to be less about Bricker than Reagan. Bricker quit Radio Shack because he was recalled to his better-paying steel job. A double Reagan cheer...
Specialty steels account for only 10% of American steel sales, but they are nonetheless the glamorous high-tech end of the business, the items that can produce big profits. Stainless steel, used for knives, forks and hundreds of other products, is one such metal. Jet-engine fan blades, nuclear-reactor control rods and orthopedic body implants are made of others. But just as the older American carbon-steel industry is being clobbered by competition from abroad, so too are specialty steels. As Wall Street Analyst Peter Anker put it, "No other country would permit the kind of intrusion in their...
...President raised tariffs from 10% to 20% on some specialty steels, an action which is likely to increase the cost of those imports in the U.S. and make American goods more competitive. In addition, he lowered quotas for steel-bar imports from 40,053 tons to 27,000 tons for the first year of the limit. Other, less severe quotas were imposed for rod and tool steel...
...seemed completely happy with the decision. Lloyd McBride, president of the United Steelworkers of America, complained that the President should have used lower quotas rather than higher tariffs to block imports. Said he: "Where tariffs are substituted for quotas, it never works." Adolph Lena, chairman of Al Tech Specialty Steel Co. in Dunkirk, N.Y., and an industry spokesman, called the measures "wholly inadequate...