Word: steels
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...were seen on provincial highways. In late evening, telephone and telex lines between Poland and the outside world were suddenly cut. And then, at midnight, eleven police vans appeared on Warsaw's Mokotowska Street, where the local headquarters is located, and blocked the thoroughfare. Moments later dozens of steel-helmeted riot police stormed the building, where they arrested union members and confiscated documents...
...nation of loss is indeed in poor shape. Government-subsidized industries-steel, cement, autos, shipbuilding, airlines-are losing money at the rate of $5 million a day, partly from inefficiency, partly from political pressures. The vast Montedison petrochemical complex, for example, could save an estimated $180 million annually by firing 9,000 redundant workers among its 114,000 employees. But union leaders will not agree, and politicians who made raccomandaziones for those workers in the first place do not want to get involved...
With stunning swiftness, the $6.5 billion battle between Mobil Corp. and U.S. Steel for control of Marathon Oil turned nasty last week. Mobil, still frustrated and angry over its defeat by Du Pont earlier this year in the struggle to take over Conoco, seemed on the brink of losing again. Then Mobil suddenly went on the offensive with a daring ploy. The oil company announced that it intended to buy up to 25% of its bidding rival, U.S. Steel. Said one banker involved in the dealing: "They have tried to put a gun on the head of U.S. Steel...
Workers at two of Warsaw's biggest factories--including the Huta Warszawa steel mill--went on strike yesterday, union spokesmen said, adding that although the steel workers reported to the first shift at 6 a.m., they laid down their tools after a mid-morning break...
Industries that provide materials to the automakers and homebuilders are also in serious trouble. Steel companies have idled about 50,000 employees, and the rubber industry has laid off some 10,000. The timber business has toppled. In Oregon alone, 22,000 lumber workers have lost their jobs. Governor Victor Atiyeh has declared the industry to be in a "state of emergency" in an effort to qualify local businessmen for federal relief loans...