Word: steels
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...They do not seem to have changed many of the habits that once spurred reports of unhappy Egyptians, Ethiopians and Mozambicans. The Soviets can usually be found at the beach, in snorkeling gear and Baltic bathing costumes. The island's favorite Russian so far is a chauffeur with steel teeth. He has been nicknamed "Jaws," of course. The Soviets have given the people of Grenada a one-engine crop sprayer and imported two cream-colored Mercedes sedans for themselves. But they are a bit slow on the draw when it comes to parting with nickels on the beach. They...
...earnings, unusually high during the first quarter of 1982 because of a one-time sale of assets and tax benefits, were down 47% this year, but profits for the company's C.I.T. Financial and NBC subsidiaries moved ahead. Basic industries generally have yet to feel the recovery. Republic Steel lost $35 million in the first quarter, almost twice as much as last year. Armco lost $128 million. Dow Chemical's profits declined from $154 million last year to $69 million this year. Dow President Paul F. Oreffice explained that his industry "traditionally lags a general economic turnaround...
...reducing the role of Government in the economy is doomed. Says he: "Every industry in America is deeply involved with and dependent on Government." While preaching nonintervention, Reich notes, the White House has been unable to resist demands for subsidies and import relief made by such industries as steel and autos. This protection, he says, keeps businesses from adapting to the rigors of worldwide competition. Reich would replace capricious protectionist measures with an explicit industrial policy aimed at retraining unemployed workers for new jobs and channeling investment into technologically advanced products that would enable U.S. companies to keep pace...
...some other states are slowly climbing out of the grueling two-year recession, West Virginia seems to be sinking deeper. Many of the industries most debilitated by the nation's economic woes-coal, electric power, steel, primary metals and chemicals-form the basis for the state's economy. Unlike other industrial states such as Michigan and Ohio, West Virginia has made little effort to diversify and retool its economy by luring high-tech businesses. "Usually West Virginia begins to recover about six months after the nation," says Arnold Margolin, the state's chief economist. "But there...
...year ago, Constance Stepney's husband Roosevelt, 47, was making $85 a day as a dumper at one of U.S. Steel Corp.'s five local coal mines, confidently dubbed "the billion-dollar mine." But then U.S. Steel closed all the mines down. Now Roosevelt hangs around the house doing odd jobs and collects $188 a week in unemployment compensation to add to his wife's $112 weekly paycheck from her cashier's job. With a 13-year-old son, they are barely scraping along, fearful that the unemployment benefits may soon be exhausted. But Mrs. Stepney...