Word: alcoa
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Dates: during 2000-2009
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Pittsburgh is certainly not going to escape a national recession. But it can provide lessons for how to survive it: invest in knowledge, compete globally, rewrite the old rules of business. A couple of its signature companies, such as Alcoa, have announced cutbacks as demand slows. "No area is totally immune, but it is going to be, if we are right, a bit more modest in Pittsburgh," says Stuart Hoffman, PNC's chief economist. From ground level, Bob Intrieri can see the same thing. A partner at Allegheny Steel Products, he sells industrial innards to the machine shops and factories...
...while, it seemed as if the market lemons were on the rebound. Never mind that aluminum producer Alcoa missed earnings estimates after hours yesterday with a 52% drop in profit. Or that Bank of America was down again, 3.7% at one point, on continued worries over its need to recapitalize. Other financials, which had been battered hard on Tuesday, like J.P. MorganChase & Co. and Citigroup, seemed to be heading up significantly, as was bellwether General Electric, which had seen its shares hit hard the last few months over its exposure to the credit crunch. By day's end, however...
...Picking Up the Phone The first two Treasury chiefs of the Bush years never pulled off much at all. Paul O'Neill, the former CEO of aluminum maker Alcoa, battled with the White House over deficit spending (he wanted less of it) and lost. His successor, John Snow, former CEO of railroad giant CSX, toed the Administration's low-tax, anti-regulation line so faithfully as to be almost invisible...
...Winfried Seibert, von Pierer's lawyer, said his client "takes note of the supervisory board's decision with shock and regret and will defend himself" against the allegations. Kleinfeld, who became CEO of U.S. metals group Alcoa Inc. in October 2007, issued a statement suggesting that the whole affair will blow over. "I have great faith in the German judicial system, and that is why I am not concerned about this development," he said in a statement released by Pittsburgh-based Alcoa...
...Both Alcoa and Goodyear had operated well below capacity for a number of years, so it came as no surprise when they announced plans to move production to Venezuela and Mexico, respectively. Unfortunately, Collingwood's tale of economic woe is being repeated in communities across Ontario and Quebec--Canada's industrial heartland. "A high Canadian dollar is an absolute killer," says Peter Nygard, chairman of Nygard International Ltd., a manufacturer of women's clothing in Winnipeg, Man., whose $1 billion in annual revenue comes largely from...