Word: armco
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...policy, though, has been glaringly inconsistent. For example, Armco steel was barred in March 1980 from joining a Japanese steel firm in constructing a $350 million cold-rolling mill in Novolipetsk. But Caterpillar was granted approval late last year to supply pipelaying equipment used in building the 3,000-mile Yamal Peninsula natural gas pipeline. A semiconductor chip that U.S. companies cannot sell to the Soviets has been licensed for production in Brazil, which is not bound by the embargo. The microchip, in fact, is a component in a popular computer game that is for sale in Western European...
...high technology ban is also ineffective. Many U.S. trade competitors are quickly jumping in to take over American deals. Armco steel has been forced out of a joint agreement with Japan's Nippon Steel to build a $350 million plant in the Soviet Union. The company now expects the French to pick up the contract. Says Armco Chairman William Verity: "The fact is, we have no economic leverage. Our allies are unwilling to deny the Soviet Union the technology we withhold, and we only hurt ourselves by our attitudes of moral imperialism...
Thus the policy stands to free up much investment money for new plants, improved productivity and more jobs. Regulators and businessmen agree that giving managers more freedom of choice will motivate them to develop more efficient, economical methods of fighting pollution. Example: the old regulations required Armco to install about $15 million worth of pollution-control equipment at its steel plant in Middletown, Ohio. Under a pilot project for the bubble plan, the company chose instead to spend $4 million to pave parking lots, seed other areas and put in sprinklers that will suppress iron oxide dust. These measures...
...Swope Parkway two women on the way to pick up their husbands at the Armco Steel plant took refuge on top of their car. But it overturned after being battered by abandoned floating cars and the torrents of water; one woman was rescued by six men who formed a human chain to pull her to safety, but her sister-in-law drowned. The 23 other dead were found, said one reporter, "all over the place...
...wrong, it will. They are beset by production cutbacks and layoffs, Government pressure to restrain price increases while spending heavily to comply with antipollution rules, and the industry's first sizable strike (by iron-ore workers) since 1959. Executives have also begun squabbling among themselves. Last week Armco Steel not only refused to go along with an industry price boost of 6% on structural steel, but announced that in the lower Midwest and Gulf Coast regions it would offer deeper discounts: $50 a ton, v. $30 formerly, off the list price of $320. Armco moved to match prices...