Word: steels
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...week when still another Japanese company became ensnared in an American criminal prosecution. In San Francisco the U.S. subsidiary of Mitsui & Co., Ltd. (1981 sales: an estimated $45 billion), one of Japan's largest trading companies, pleaded guilty to a 21-count customs fraud indictment in connection with steel exports to the U.S., and agreed to pay $11.2 million in civil and criminal fines. The penalties against the company, which handles about 40% of Japanese steel sales in America, were the heaviest in the 193-year history of the U.S. Customs Service...
...latest case, the federal grand jury accused Mitsui & Co. (U.S.A.), Inc., and three of its employees of deliberately overstating steel prices. Some American firms paid Mitsui the higher amounts, but then received refunds on part of the sales price. The figures were exaggerated to avoid triggering a U.S. investigation into possible steel dumping...
...customs agents in San Francisco. Investigators searched company offices in New York City and San Francisco in December 1980, and ultimately combed through stacks of records and import statements dating from 1977 to last June. The hunt turned up evidence that Mitsui had conspired with two Northern California steel buyers to overstate the price of wire products and nails. Both U.S. firms last year pleaded guilty to criminal charges brought in separate cases...
...news from companies that supply Chrysler and other automakers, however, remained gloomy. With steel industry plants running at only 50% of capacity, Armco, the fifth largest American producer, lost $57.4 million, and National Steel, the sixth largest, lost $49.9 million. Aluminum sales were also depressed, and Reynolds Metals saw profits tumble 44% to $25.5 million...
...more than a generation after it won independence from Britain in 1947, India steadfastly tried to become self-sufficient in virtually everything from steel to grain. Now, however, the government of Prime Minister Indira Gandhi has departed from that policy and begun the careful wooing of foreign investment. Says a highly placed New Delhi official: "The old approach of doing everything ourselves has clearly failed to work...