Word: pension
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That is not all the big steelmakers want. USX-U.S. Steel has asked Washington to waive antitrust law and let it merge with Bethlehem Steel, National Steel and other troubled companies. USX-U.S. Steel also wants the government to assume the unfunded pension and retiree-health-care obligations of its takeover targets--estimated at $13 billion over the actuarial lifetimes of retirees. At Bethlehem Steel--operating under Chapter 11 protection since October--13,000 workers now support benefits for 130,000 recipients. Much of the money, the steelmakers say, could come from revenues generated by tariffs on imported...
...does USSK do it? With the same model that its parent company says is killing its American business. The average yearly wage at the Slovak plant is just $5,500, a tenth of what a typical American steelworker earns. The Slovak government helps pay USSK's retiree health and pension costs. Unions are virtually non-existent. And the firm may have gained market share illegally. USSK is being investigated by the European Commission for allegedly dumping hot-rolled coil at prices 30% below the domestic Slovak price in the first seven months of last year. "What we see in Europe...
...line, with barges transporting raw materials like iron ore in one end and finished steel out the other end. Capacity in the blast furnaces matches capacity in rolling mills down the line, yielding efficiencies. The plant is highly computerized, workers aren't unionized, and POSCO doesn't bear heavy pension costs...
...Financial journalists, eager not to let the next Enron pass them by, have been taking the company to task for its accounting practices: conveniently categorized asset sales, share buy-backs and adjustments to the projections of pension-fund earnings and long-term services contracts. And investors, led by those same market-making investment firms that Congress is penciling in for its spring hearings season, have turned up the heat on current CEO Jeff Palmisano. IBM is down 20 percent on the year, and fell nearly $4 Tuesday, bringing both the Dow and the techs down with it. (The latest kick...
...that in life the policy should be "every man for himself." In a civil and humane society, the government should work to see that though the rich may purchase more, every citizen has certain bottom-line necessities--health insurance, child and elder care and a "plain vanilla" defined-benefit pension. It's that simple. Other countries have them, and so should we. PAMELA SHOEMAKER New York City...