Word: steels
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...caught in an Israeli naval bombardment. An exploding shell wounded him severely in the leg. In shock from the loss of blood, he was taken to a Palestinian hospital, then transferred to the American University Hospital in Beirut, where his leg was surgically pieced together and encased in a steel skeleton cast. At week's end doctors were hopeful of a full recovery...
...sufficient nibbling and chipping at the state and local levels to mitigate the hoped-for economic stimulus from the tax cut. This is especially true in the industrial states of the Midwest, where local governments are particularly hard pressed for revenue. Their once sturdy tax bases, proudly rooted in steel, autos, coal and muscle, have been eroded by the migration of people and companies to the Sunbelt, and by competition from more cost-efficient manufacturing operations in Japan and Europe. Most of them are simply running out of new sources of revenue and have to keep putting higher and higher...
...industry is more suffused with nationalistic pride than steelmaking. Last week brought a chilling whiff of the protectionist sentiments that are easily aroused when steelmen start complaining of foreign competition. At issue were charges filed in January with the U.S. Commerce Department by a group of seven American steel producers, including U.S. Steel, Bethlehem Steel and Jones & Laughlin Steel. The companies charged that foreign producers, mostly from Western Europe, had chiseled their way into a 19% import share of the U.S. market by selling government subsidized steel to American buyers...
Since then, the steel business has gone from bad to worse around the world. In the U.S., more than 30% of the industry's 450,000-man work force is now unemployed or working short time, with steel mills operating at their lowest level since 1938. The situation in Europe is equally glum. During the past two years, there have been strikes in Britain and riots in Belgium and France as a result of job losses. The European steel industry ran about $2 billion in the red last year...
...government waste, incompetent planning and incoherent design. China was once Joseph Stalin's most pupil, and though it broke with more than a decade ago, the legacy of Soviet "intensive industrialization" Butterfield cites the all-too-typical $13.3 billion mill designed to manufacture 3 million tons of steel a year. When the Chinese turned on the switch, they found the plant demanded more electric than the entire surrounding could produce...