Word: smokestack
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Dates: during 1980-1989
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Steel was the sickest of the smokestack industries. Despite the recovery, steel companies lost $1.668 billion in the first nine months of the year. With 250,000 members on layoff, the United Steelworkers has felt as if it were pinned under an I beam. In March the union took a 9% pay cut, but that did not satisfy management. U.S. Steel threatened this month to shut down five plants, either partially or completely, unless employees accept further contract concessions...
...Targeting: The overall coordination of government aid to specific industries, whether high-tech or smokestack...
...Smokestack America seeks strength through size...
...such big deals would never have been seriously considered for fear that Government antitrust officials would stop them dead. But the merger plans announced last week by two pairs of leaders in the railroad and steel industries have a good chance of winning Washington's approval. With Smokestack America in a period of decline and retrenchment, the Reagan Administration tends to look favorably on consolidations that could make weak companies stronger. In addition, stiff competition from abroad has made the antitrust laws increasingly irrelevant for many important industries...
...part of Smokestack America is sicker than the steel industry, which lost $3.2 billion last year. Since the late 1970s, the number of blue-collar workers in the industry has plunged from 340,000 to 173,000. Formidable foreign competitors, led by the Japanese, have captured nearly 20% of the U.S. market. Doubts are rising as never before about America's ability to remain a major steelmaking power...