Word: roderick
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...closings: the Youngstown Works in Ohio where a steam engine installed in 1908 still drives one of the rolling mills. U.S. Steel's earnings will be hit by the plant closings, which could cost as much as $600 million, mainly in pension benefits to workers. But Chairman David Roderick indicated that further closings may be necessary unless productivity and quality are improved...
...Roderick was openly pressuring the United Steelworkers (U.S.W.), whose contract expires next August, to moderate wage demands and become more productive. The domestic industry still leads its major foreign competitors in productivity. In fact, it is doing considerably better than European rivals, who also suffer from aged plants and surging costs. But the Japanese are rapidly gaining in the productivity race. They earn less but produce almost as much steel per worker as their American competitors. Over the past decade, productivity growth in the domestic industry has declined from 3% a year to 2%, while wages and benefits have risen...
...will have the most trouble will be those on fixed incomes. Adds Lehing: "Most of these people don't have enough disposable income to become eligible to borrow, and the costs of their necessities will go up. It gets pretty rough. " But bankers also generally agree with Roderick M. MacDougall, chairman of New England Merchants National Bank in Boston: "The consumer is going to be badly hurt by these developments, but he'd be hurt a lot worse by inflation if it's allowed to continue. " Likely effects of the Federal Reserve's policies...
Last week U.P.I. President Roderick Beaton announced a plan to put his wire service back in the black by ripping a page from A.P.'s ticker: turning U.P.I. into a cooperative of sorts. U.P.I. has invited more than 100 of its largest newspaper and broadcasting clients to become limited partners in the wire service. Under the scheme, Scripps and Hearst would retain 10% of the new company and stay on as managing partners. The remaining 90% would be sold in 45 shares, and no single client could own more than 10% of the firm. If successful, the restructuring would...
...Types of Ethical Theory," Roderick Firth...