Word: steels
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...rank and file is expected to ratify the plan in a vote to be held possibly May 1, making Weirton Steel the nation's eighth-largest steel producer and largest employee-owned company. The deal was worked out with the help of the management-consulting firm of McKinsey & Co., investment banker Lazard Frères & Co. and other consultants. Their fees will be paid partly by the townspeople of Weirton (pop. 28,000), who have joined in planning everything from sock hops to telethons to save the plant...
...employees, or technically their ESOP, will take over the Weirton operation for $66 million, plus $300 million mostly for inventories of coal, iron ore and unsold products. For their money, the workers are getting an old plant, built during the early part of the century by Steel Pioneer E.T. Weir, but one that has been modernized over the years; its cold rolling mill numbers among the industry's newest. The plan calls for all workers to own shares of the new company's stock, but details of how much each will get have not been worked out. None...
...Weirton workers. McKinsey's analysis of the Weirton operation concluded that the plant could be profitable, but only if the workers would accept a 32% cut in total compensation; annual salaries and benefits average $35,000 to $40,000, high by comparison with the rest of the steel industry. Says Bob Vidas, 57, a 38-year veteran of Weirton: "It's going to be tough. But we'll be sharing. And maybe in a couple of years we'll get our money back...
National's stock has climbed almost $10, to $23, since the buyout began to look promising last year. Most security analysts view the deal as favorable for National, the fourth largest steel producer in the U.S. Closing Weirton would have saddled the company with $180 million in pension costs, according to one study. About one-third of the workers started with the company at least 30 years ago, which makes them eligible for full retirement benefits. They have chosen to stay on the job anyway. To induce them to vote for the plan, National will assume all pension costs...
...jobs being created in the U.S. hold little appeal for former assembly-line workers. According to the Government, the U.S. added 1.6 million restaurant and tavern jobs between 1973 and 1980, more than the current total in the steel (327,000) and auto (666,000) industries. During the 1980s, more new secretaries (700,000), nurse's aides and orderlies (508,000), janitors (501,000) and salesclerks (479,000) are expected to be hired than workers in any other job categories...