Word: finniston
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...Labor government has already committed $2.2 billion to Leyland, but the total outlay may exceed $6 billion. The rescue plan, however, does not call for cutting back employment, though overmanning is one of Leyland's chief handicaps. Similarly, Benn is resisting the economy measures of Sir Monty Finniston, the chief executive of the nationalized British Steel Corp., which is losing nearly $6 million a week. Finniston wants to reduce the 220,000-member work force by 10% and close small, inefficient plants...
...country to a shattering halt. Coal stocks at power stations (70% of Britain's electricity is generated by coal) are not expected to reach emergency levels for about two months. But the effects on British industry will be swift, and potentially ruinous. Said British Steel Chairman Monty Finniston: "For four to seven weeks you will get a trickle of steel, and then-curtains." The London stock market last week reflected that gloomy prospect when prices plunged to their lowest level in seven years because of what one official called fears of "a catastrophe unparalleled in our postwar industrial history...
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