Word: marketed
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Dates: during 1970-1979
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Under a relentless assault from cut-rate foreign competitors, the nation's steel industry has suffered through a nightmarish year. Steel imports have increased about 50% just since 1975 and in some months this year have captured 20% of the U.S. market. Combined with lackluster domestic demand, that foreign invasion has caused shutdowns of old mills, forcing more than 60,000 workers out of jobs in the past year. Steel executives, union men and a new caucus of Congressmen from steel-producing areas have brought heavy pressure on the Carter Administration to do something. The President's first...
...foreigners are coming to the U.S. for about the same reason Willie Sutton supposedly gave for robbing banks -that's where the money is. For all the talk of capital shortages, notes Richard Johannesen Jr., vice president of Salomon Bros., "the U.S. market is one of the biggest capital pools in the world." Adds Edgar Koerner, managing director of Kuhn, Loeb & Co.: "Borrowers can easily get $150 million and even $200 million for up to 20 years-terms that would be difficult in Europe." There, he explains, lenders do not have as much capital to advance and are reluctant...
...they have done well: a study by Salomon Bros, shows that in the first nine months of 1977 one group of Yankee bonds returned actual gains (interest plus price appreciation) of 5% to 8.7%, v. a 2.3% gain on competitive longterm, high-grade U.S. corporate bonds. The stock market suffered serious losses over the same period. But, even though foreign bonds are outperforming competing investments, there are limits to how many more of them some of the big institutions can buy. For example, a state law forbids insurance companies doing business in New York-in effect, most...
...equal to 86% of last year's production in Louisiana, which leads the nation in gas output, and 18% of annual consumption in the whole country. To its discoverers that much gas would be worth $5.5 billion at existing wellhead prices on Louisiana's intrastate free market...
...hole-and dry holes outnumber the producers 3 or 4 to 1. Louisiana officials argue that the heavy costs will require higher prices for interstate gas, which is now federally price controlled at $1.47 per 1,000 cu. ft., v. an average $1.85 on Louisiana's intrastate free market. Even at that price, Louisiana last year piped 75% of its gas to other states; higher prices could attract still more of the gas into interstate pipelines...