Word: steel
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Dates: during 1980-1989
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Perhaps the only oasis in the world economic wasteland is the far-eastern rim of Asia. By selling high-quality products at low prices, Japan, South Korea, Singapore, Taiwan and Hong Kong have garnered prodigious growth and captured hefty shares of the world markets for autos, steel, shipbuilding, electronics and clothing. Nonetheless, sluggish growth in the West has started to cut into the demand for Asian exports. Moreover, tightening trade restrictions pose a threat to Asian economies. Japan, for example, had to curb its car exports to the U.S. and several European countries, after having been threatened with quotas...
Some executives in ailing industries like autos and steel want more than tax relief. They seek quotas and other barriers against certain cheap imports from Japan and even some European countries. Consumers, however, would suffer. Trade barriers tend to protect inefficient managements and raise prices, while foreign competition forces an industry to stay lean and keep its costs down...
...tremendous amount of difference," says Nottingham, whose 18-to 24-month treatment will cost $3,000. "I'm seeing an aesthetic and a health difference." The one thing that nobody is seeing-even when Nottingham smiles broadly-is his wires. He is wearing "invisible" braces, which avoid unsightly steel bands on the outside of teeth. Says he: "I can go out in public, and people have no idea I'm wearing them...
...deterioration. Harvard has embarked upon a comprehensive $7 million overhaul of the stadium which will actually leave the football fortress unchanged architecturally. The traditional and incomparably uncomfortable concrete seats have all been removed, but they are being replaced rapidly by new and equally rock-hard concrete. In addition, new steel beams and freshly painted seat numbers will complement the work now being done by mammoth cranes, which dangle the cement tonnage far above the field and then gently drop each segment into place...
Currently under construction in Jubail's industrial park are a $1 billion oil refinery, a $300 million petrochemical plant, a $2 billion polyethylene project, a $4 billion industrial chemicals plant, a $600 million iron and steel complex, and a $360 million plant to produce fertilizer pellets. In most of those industries, worldwide production gluts already abound, though a pickup in the global economy would help stimulate demand at least somewhat in consuming countries. Mean while, however, the Saudis have already been forced to cancel plans for a 225,000-ton-per-year aluminum smelter, and additional retrenchment may eventually...