Word: steel
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Dates: during 1980-1989
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...states, he acted a bit like Santa Claus distributing gifts. During a swing to Niagara Falls, he announced federal grants to remove dangerous nuclear waste in upstate New York and to relocate the anxious residents of the Love Canal. Carter also revealed a new program to aid the ailing steel industry. Ahead of schedule, he announced the Administration plans to award $150 million in urban-development grants to economically depressed cities; there will be $200 million from the Transportation Department for buses, $300 million for farmers who have suffered damage in the drought...
...Steel has big problems. The nation's mills are currently operating at only 66% of capacity, while the U.S. imports nearly 17% of its steel. In the first eight months of 1980, domestic mills produced an estimated 35 million tons for U.S. consumption, while imports totaled 10.6 million tons. Blue-collar employment in the industry has slumped from a high of 544,000 in 1953 to 264,000 in July. Profits of four of the five leading steel companies are expected to decline sharply this year...
...therefore, with an air of urgency that President Jimmy Carter last week announced a six-point program to aid the ailing industry. The President's plan will give steel some tax relief, loosen antipollution regulations, and provide protection against foreign imports. Although the proposals were less than steelmen wanted, they generally applauded the measures. Said one top steel official: "This industry has been a whipping boy for 50 years. Now we find the Administration in power saying we need to support steel and not knock...
...protect U.S. producers against competition from low-priced foreign products. If imports enter this country at less than the minimum or trigger price, an antidumping investigation is launched. The trigger price is based on the cost of production in Japan, which has the world's most efficient steel factories. In the past, the steel industry has complained that the T.P.M. was inadequately enforced and set too low, thus allowing cheap imports. It also accused the Europeans, whose production costs are generally higher than those of the Japanese, of dumping steel in the U.S. at low prices. U.S. Steel last...
...things ever got rough you could always get a job with the Marshall Plan, "which started up so quickly and needed so many workers that you could get a job as an office boy or a mailroom clerk and two weeks later be in charge of the coal and steel industries for the Benelux countries...