Word: scraps
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After years of clanking toward the scrap heap, Big Steel is staging an impressive comeback. Last week USX said the operating profits at its steel division reached $501 million in 1988, in contrast to $125 million the previous year. The industry piled up total profits estimated at $2 billion in 1988, and is expected to match that performance this year. But the revival has ignited a bitter lobbying battle between Big Steel and its customers. The $ mills claim they need import restraints to keep the good times rolling. But major buyers, notably the manufacturers of automobiles and heavy machinery, argue...
...garbage collection. The Machida plant can deal with almost any category of recyclable refuse: burnables, nonburnables, bottles, cans, durables such as furniture and refrigerators, and "harmfuls" like batteries. Depending on their category, the castoffs are filtered, burned, crushed or otherwise treated on their way to becoming reusable materials. Steel scrap is separated from other garbage by huge magnets. Much of the recycling is computer-controlled: only 45 people work in shifts to run the round-the-clock operation...
...that is far from the utility's only problem. Six months ago, LILCO made a pact with New York Governor Mario Cuomo to sell Shoreham for $1 to the state, which would then scrap it. In exchange, LILCO was promised generous rate increases to help recover its investment in the plant. The deal may still go through, but last week's verdict brought LILCO face to face with another threat: a $2 billion-to-$4 billion class-action suit on behalf of nearly 1 million customers that could drive it into bankruptcy...
...first time since 1877, when Alexander Graham Bell founded what was then called the Bell Telephone Co., the telecommunications empire will post a loss for the year. The deficit, which could run as high as $1.7 billion, will be the result of AT&T's decision last week to scrap $5.6 billion worth of outdated equipment. In a drive to modernize, the company is replacing 2 billion miles of telephone connections with higher-capacity fiber-optic lines. AT&T will also install more digital switchboards and other advanced gear, which will eliminate 16,000 jobs. In the fourth quarter alone...
...were arrested Nov. 19 after being spotted prying off 200-lb. sections of the bridge and flinging them down to the shoreline. Workmen had noticed that huge chunks of an aluminum grillwork under the span had been mysteriously disappearing for two days. The apparent motive: selling the metal for scrap. City officials estimate that repairing the damage will cost $37,000. That's no joke...