Word: coppers
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Dates: during 1980-1989
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...unveiled a sweeping reorganization program. The Los Angeles-based concern (1984 sales: $25 billion) announced that it will shed all its refining and marketing operations east of the Mississippi, including 1,100 gas stations. The company also intends to pare down spending on exploration by 50% and abandon its copper and molybdenum businesses. More dramatically, ARCO's board of directors voted to increase significantly the firm's long-term borrowing. As a result, total indebtedness could reach more than 50% of the company's net worth. With the additional funds, ARCO plans to buy back...
...writing instruments. Its handmade black lacquer pen went from $160 to $125. By discounting at a time when few other importers are doing so, the company hopes to boost its U.S. market share. Williams-Sonoma, San Francisco's chic pot-and- pan retailer, has marked down its French-made copper cookware...
South African operations: According to spokesman Bill Kestlen, U.S. Steel holds a minority equity interest in three small South African companies: Prieska Copper Mines, Feralloys, and Associated Manganese Minds of South Africa Ltd. The total number of employees of those companies is less than 100,000, Kestlen said, and U.S. Steel itself has no employees in the country. He added that a similar shareholder petition in 1981 was voted down...
...Phelps-Dodge copperworkers struck on July 1, 1983 after the company failed to sign a standard, industry-wide contract which all of the other companies in the industry did. Even after offers of substantial wage and benefit cuts by the copper workers, the company refused to continue to negotiate, but instead it hired non-union workers and began a movement to decertify the United Steel Workers of America from the right to bargain collectively on behalf of the workers. This means, in effect, that the copper mines would be de-unionized simply by firing all of the union labor...
...Although copper prices are so slow that the company loses money by continuing to operate the mines, it is continuing to do so. The union contends that the company is intentionally losing $30 million a year by doing so, but it is going ahead because continuing to operate will allow a decertification vote that will end unionization at the plant and considerably cut wages over the long run. In other words, the company is intentionally losing money in order to decertify the union so it can make more money when the price of copper goes up by paying its workers...