Word: steel
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Dates: during 1980-1989
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Trying to Survive in Steel...
...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...
...industry's biggest companies have decided that the only way to survive the slide is to get together and streamline their operations. Through a swap of stocks valued at $770 million, Republic Steel of Cleveland, the fourth largest U.S. producer, intends to merge with Pittsburgh's Jones & Laughlin, which ranks third in the industry and is a subsidiary of LTV Corp., a Dallas-based corporation that also manufactures aircraft parts and rockets for the military. Together, Republic and Jones & Laughlin control 15.9% of the steel market, and the combined company, to be called LTV Steel, will stand second...
...joint statement, LTV Chairman Raymond Hay and Republic Chairman Bradley Jones said that no antitrust problems should arise from Washington because the merger would create "a stronger, more efficient steel company, better able to compete in a new world-market environment." Jones will head LTV Steel, which will be headquartered in Cleveland. Some Republic employees suggested in jest that the new company be called Bradley Jones & Laughlin...
...billion. In the first six months of this year, the two firms lost an additional $219 million. The new company will undoubtedly cut back and consolidate overlapping operations to save money. In Cleveland, for example, both Republic and Jones & Laughlin have plants that turn out flat rolled steel for cars and appliances, but LTV Steel will not need all the production capability of those two mills. Some industry experts estimate that 20% or more of the company's potential annual steelmaking capacity of 24.6 million tons could be shut down. Observed William Stephens, an analyst who follows...