Word: overbuild
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Dates: during 1960-1969
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...grumbles are even louder ashore. With gold-rush enthusiasm, businessmen overborrowed-took short-term loans at interest as high as 28%-to overbuild. "They are operating in a sea of lOUs," says Victor Riveros, editor of Peru's fishing-industry journal Pesca. The industry now has a capacity of 2,000,000 tons of fish meal a year, or nearly double what it expects to sell. As a result, most of the country's 156 plants are operating at half speed; 30 are closed altogether. Last week workers marched in and seized one plant on account of three...
...steelmakers, whose fast recovery from the steel strike led steel users to overbuild inventories in the first quarter, had a bad second quarter as orders fell off and production dropped below 50% capacity. Earnings of U.S. Steel were $3.35 per share in the first half of 1960, down from $4.50 last year. But Big Steel Chairman Roger Blough predicted a "modest and gradual rise" in output for the rest of the year, forecast that the mills would operate at 55% of capacity in the third quarter. Jones & Laughlin first-half earnings were $3.24 v. $5.31 in 1959. Bethlehem earnings dropped...
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