Word: alcoa
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Chris Carrier has been hammered with two plant closures in less than a year. First Alcoa shut its wheel-rim plant in June after more than two decades in operation, idling 365 people. Then last month Goodyear Canada did the same at its engine-hose plant, forcing 165 out of work. "It's created a great deal of turmoil," says Carrier, mayor of Collingwood, Ont., a town of 25,000 north of Toronto. "Families aren't sure how they're going to pay bills. Some have moved away." The closures mean not only lost jobs but also a loss...
...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...
...Mart is not alone. In January the U.S. Climate Action Partnership, a group that includes some of the biggest corporate players and energy users in the world--Alcoa, BP America, Duke Energy, General Electric, Lehman Brothers, Caterpillar and PG&E--asked the Federal Government to act aggressively on climate change, not least by imposing legal limits on the amount of industrial carbon dioxide emissions. The corporations know there's a virtue in going green, but they're also looking for some regulatory certainty before they make massive investments. What's more, there's money to be made in the enviro...
...Virginia and Maryland--a recognition that momentum is growing in Washington for legislation to mandate caps on carbon emissions. On Feb. 26, California and four other states agreed to establish within 18 months a market to trade emission credits. TXU, as part of its agreement, plans to join DuPont, Alcoa, General Electric and seven other firms in pushing Congress for a national cap-and-trade program, that would give companies "credits" for carbon emissions to use--or sell at a profit. It's a win for the environment, notes Reilly, and not bad for the bottom line either...
...Consider the lineup: Paul O'Neill, the onetime Alcoa boss, was brought in by Vice President Dick Cheney chiefly to make then Federal Reserve Chairman Alan Greenspan happy. The three men had worked closely in the Ford White House, and Cheney thought he was bringing the band back together. But reunion tours don't work much better in government than they do in rock 'n' roll, and O'Neill, who had a flair for candor that matched Cheney's for secrecy, quit - or was fired, depending on whose account you believe - after two shaky years...